The owners of Asda are said to be "in talks" to buy every Boots store across the UK for a staggering £10 billion.
Brothers, Mohsin and Zuber Issa, who own the supermarket chain have reportedly already held early-stage discussions about the takeover deal.
The news was originally published by the Mail on Sunday however the brothers, who bought Asda for £6.8 billion in 2020, have declined to comment.
The health and beauty retailer has around 2,200 stores in the UK and with more than 50,000 employees it is one of the biggest names on the high street.
However according to The Mirror, Boots' US-based parent company, Walgreens Boots Alliance, confirmed earlier this month it launched a strategic review of the pharmacy chain with its chief executive Rosalind Brewer stating that the process was still at an "exploratory stage" and they do not "expect to move quickly."
She added: "This review is very much in line with our renewed priorities and strategic direction, in particular, our increased focus on US healthcare."
A separate comment from a Walgreens spokesperson sent to The Mirror said: “We can confirm that Walgreens Boots Alliance, 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."
Reports, according to Sky News, also suggest an auction of the retailer is set to start in the coming weeks, with the process to be run by Goldman Sachs.
Investment firms Bain Capital and CVC Capital Partners are said to be looking at a joint bid to buyout Boots, but have declined to comment on speculation.
Advent, Carlyle and KKR, which owned the retailer before selling to Walgreens, are also reported to have shown interest but no firm has commented.
Walgreens first bought a stake in Boots in 2012 and then bought out the rest of the company two years later in 2014, in a deal worth $22billion (£16.1 billion).
Speaking to the Nottingham Post, chief executive at East Midlands Chamber, Scott Knowles, said he would be following the developments at Boots "closely".
He added: "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."
