Japan's Fast Retailing, which owns Uniqlo, is in talks to buy J. Crew, reported the Wall Street Journal, citing a source.
The WSJ reported that J. Crew is looking for as much as $5 billion in a potential sale.
Following the report, a Fast Retailing spokesperson told CNBC, "As policy Fast Retailing won't comment on market speculation."
Earlier in the week, Bloomberg reported that the retailer is looking into a possible public offering.
The retailer, which was bought out for $2.64 billion by TPG Capital and Leonard Green & Partners LP three years ago, has 451 stores and about $2.4 billion in annual sales.