Frasers has upped its stake in Currys from 10.4% to 11.1% as the pair start discussions about a possible tie-up.
The Mike Ashley-owned group increased its shares on Monday as part of its “strategic investment” into the electricals retailer.
Currys chief executive Alex Baldock revealed last week that the firm had begun talks with the retail group.
He said: “This is a potentially interesting partnership. There are a number of avenues that we’re exploring.”
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Frasers snapped up a 9% stake in Currys late last month, which it said provided “a valuable opportunity to build on our foothold in the electricals industry as well as deepening the existing relationship between Currys and Studio, with the potential for further collaboration between the two”.
“Through this investment, we also believe Currys will benefit from Frasers’ deep retail know-how and our sector-leading ecosystem,” it added.
Frasers has been on an acquisition spree in recent weeks, snapping up stakes in Currys rival AO and fashion giant Asos.
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