Waterstones and Barnes & Noble owner Elliott Investment Management is reportedly gearing up to list the bookstores on the UK or US stock market.
The US hedge fund has had conversations with potential advisers over an IPO (initial public offering), according to the Financial Times.
Elliott is believed to favour London over New York for the IPO, with the listing expected for next year.
Although initial discussions are underway, no final decision has been taken, with the plans subject to change.
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Waterstones and Barnes & Noble are the biggest booksellers in the UK and US respectively, trading from over 1,090 shops between them.
Retail Gazette has contacted Waterstones, Barnes & Noble and Elliott for comment.
In August, it was reported that Waterstones was set to open 10 new UK stores a year, as younger adults turned to books as an escape from screens.
The book retailer saw profits quadruple at the start of the year, with the return of office workers and a rebound in international tourism contributing to its strong annual performance.
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