Sky operates in Britain, Ireland, Germany, Austria and Italy, and has around 20 million subscribers.
Several industry sources said the likely cost of buying Sky could prove too much of a stretch for Vivendi even with the proceeds from the sales of non-core businesses.
Analysts estimate that Vivendi's net cash, which stood at 4.6 billion euros ($5 billion) at the end of 2014, will hit 15 billion euros after it closes a series of pending disposals.
But Sky's net debt stood at 6.3 billion pounds at the end of last year, following the Italian and German acquisitions. The sources familiar with the matter said any offer would also have to include a premium to Sky's current share price of some 25 percent, giving an enterprise value of more than 28 billion pounds.
Some of Vivendi's management team are reluctant to pursue a takeover of Sky, a deal they consider would make the French conglomerate too exposed to the pay-TV industry, where satellite TV is in danger of losing out to high speed fixed line alternatives.
Some executives would rather focus on bolt-on buys in the digital media industry and continue diversifying Vivendi's portfolio after Tuesday's move to enter into exclusive negotiations to buy 80 percent of video-sharing website Dailymotion for 217 million euros..
Schoenfeld and Vivendi have been at odds since March 23, when the fund, which says it owns 0.8 percent of Vivendi, called on other minority shareholders to join its campaign to get a 9 billion-euro payout, while also urging the company to consider spinning off Universal Music Group (UMG).
However, Vivendi, which has threatened legal action against PSAM, could persuade investors a deal with Sky would create long-term value and scope for higher returns in the future, another source familiar with the matter said.
"This could be the solution to their activist (shareholder) problem," he said.