The company has not yet reached a decision on whether to make an offer, Dow Jones said. Mylan shares were up as much as 5 percent following a brief trading halt that occurred after 2 p.m. ET Friday.
In a release responding to the report, Mylan Executive Chairman Robert Coury said, "Mylan is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo, and today's speculation has no impact whatsoever on this strategy."
Mylan proposed to acquire Perrigo in a $29 billion cash-and-stock deal, it said last week. Coury added in the release that Mylan has "studied" a potential combination with Teva, saying that such a deal is "without sound industrial logic."
Teva told CNBC it did not comment on rumors. The company late last month said it would buy Auspex for about $3.5 billion.