The billionaire brothers behind Asda and EG Group are considering a takeover of Boots worth up to £10bn, according to reports.
Mohsin and Zuber Issa are understood to have discussed a potential move for the Beeston-headquartered company at a senior level, and would see the pairs inherit more than 2,000 pharmacies.
The historic chain is currently owned by US giant Wallgreens Boots Alliance which last week said it was conducting a 'strategic review' of Boots, but were yet to decide on its future.
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The report in The Telegraph follows the news 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 Boots has been in the spotlight since WBA hired Goldman Sachs last year to secure a sale.
Mohsin and Zuber Issa started Euro Garages with a single petrol station in Bury, Greater Manchester, before building it up to form a network of forecourts across the UK.
They formed EG Group with the backing of TDR Capital and expanded into Europe before the brothers and the private equity firm teamed up to acquire Asda in 2020.
Last year, EG Group acquired the likes of Leon and the UK's second-largest bakery business, Cooplands.
Speaking to the Nottingham Post, 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."
