Sources have told MCV that it may look into buying the publisher, which owns franchises such as Grand Theft Auto and BioShock.
"There are very strong rumours among people at a very senior level within the global business," said a senior executive.
"But they're not much more than that at the moment - they are just rumours. And, of course, given Activision's news this week, everyone is now looking to see what their next move is."
The source added: "But you can definitely put two and two together and make four-ish."
Earlier this week Activision killed off a number of franchises, including Guitar Hero and True Crime, despite an increase in yearly profits.