Hermes, a subsidiary of e-commerce company Otto, is looking for a strategic partner in Europe. British company Advent has also been cited as a potential stakeholder.
However, neither FedEx nor Otto has confirmed the news.
FedEx purchased TNT Express in 2016, in an effort to expand its operations in Europe. The acquisition has not been without its challenges, including the NotPetya cyberattack that took down TNT's IT systems in 2017, but FedEx has gradually made steps towards integration.
The Hermes acquisition would also not be without risk, but could help both companies to deal with surging e-commerce demand, particularly in the wake of the coronavirus pandemic.