The owners of Asda, billionaire Blackburn brothers Mohsin and Zuber Issa, are reportedly considering a takeover bid for Boots worth up to £10 billion.
The future of the high street giant, headquartered in Beeston, has been subject to speculation over its sale throughout the past few months.
Last week its owners, Wallgreens Boots Alliance, said it was conducting a 'strategic review' of the business, but were yet to decide on its future.
Now, the Issa brothers, who bought supermarket chain Asda in 2020 and own more than 6,000 petrol station forecourts around the world, are reported to be considering a bid for Boots.
It is understood to have been discussed at a senior level, and would see the pairs inherit more than 2,000 pharmacies for as much as £10 billion.
However the talks are said to be in their early stages.
It follows reports that two of the world's biggest private equity firms, US firm Bain Capital and UK-based CVC Capital, had joined forces to launch a multi-billion-pound offer.
The future of pharmaceutical giant Boots has been in the spotlight since WBA hired Goldman Sachs last year to secure a sale.
Chief executive at East Midlands Chamber, Scott Knowles, said he would be following the developments at Boots "closely".
"The Boots name goes hand in hand with Nottingham as one of the key chapters in the city’s history," he said.
"It is also one of the most important employers in the city and wider region, so the local business community and labour market will be watching the reported developments closely.
"Everyone here will of course have high hopes and expectations that the company remains a central part of Nottingham’s fabric for many decades to come.”
Both Boots and Asda declined to comment.
In a previous statement, WBA said: “We can confirm that WBA, in line with its recently announced priorities and strategic direction that include a greater focus on US healthcare, has announced a strategic review, primarily focused on our successful Boots business, including No7 Beauty Company.
"This strategic review is at an exploratory stage and further announcements will be made in due course, after the right decision has been reached for Boots’ future and for all stakeholders.”
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