Standard Life Aberdeen (SLA)'s financial planning arm, 1825, is said to be in "exclusive negotiations" to acquire the wealth advisory business of accounting firm Grant Thornton (GT), according to Sky News.
Spokesmen for both SLA and Grant Thornton offered "no comment" on the report.
The deal, said to be for approximately £30m, would see roughly 100 employees join 1825 upon completion, including "a handful" of partners and around 30 financial advisers.
GT is currently ranked fifth behind the ‘Big Four' by revenue, according to the ICAS in December 2018 - the professional body for chartered accountants, with nearly £500m.
According to Sky News, the transaction would be a "more significant" deal than the price tag suggested, because of the "implied consequences" for the future of both firms.
1825 is a strategic acquirer of financial planning businesses across the UK and Ireland, operating both independent and restricted offerings, according to its website.
Pearson Jones launched the brand when it was picked up in 2015, with Baigrie Davies, Munro Partnership, Jones Sheridan and Private Client Management following.
In March, the firm made its seventh acquisition, expanding its reach beyond the UK with the purchase of BDO Northern Ireland.