Dell's board is meeting later this month and will discuss its options, Bloomberg reported, citing people familiar with the matter, adding that the company may also decide not to make any such move at this time.
News of Dell exploring options was also reported by the Wall Street Journal.
Round Rock, Texas-based Dell was not immediately available for comment outside regular U.S. business hours.
Dell bought data storage company EMC for $67 billion in 2015, setting a record in the technology industry, to transform itself into a giant in the fast-growing market for managing and storing corporate data.
The maker of cloud-based virtualization software VMWare was majority-owned by EMC at the time of the deal and the ownership was transferred to Dell.
VMware shares, which have gained over 62 percent in the past 12 months, touched an all-time high on Thursday.