The Italian operator has debts of approximately $14 billion.
Discussions with Hutchison Whampoa, owner of Italia 3, have taken place, but sources reported that a deal has not been negotiated.
There has been speculation for some time that the companies might consolidate to compete with the two market leaders in Italy, Telecom Italia and Vodafone. Wind and Italia 3 are the third and fourth largest mobile operators respectively.
Vimpelcom acquired Wind in 2011 for $6 billion.
