The group, which owns Activision, Universal Music Group and Canal Plus, is seeking to reverse a 28% slide in share prices, reports Bloomberg.
The sale of its 61% stake in Activision is said to be the main avenue the firm is exploring in order to address falling stock prices, which are at a nine year low.
It will decide whether or not to sell Activision at a senior executive meeting later this month.
Other options include further reducing its stake in the video game publisher - following a 3% cut last year - or separating its media operations from its telecommunications businesses.
Rumours of an Activision sale have been circulating for the past few months, leading to firm denials from Vivendi.
Activision is Vivendi's fourth-most profitable business, and one of its fastest-growing. Its share prices have risen by 4.5% over the past few years, with sales of $4.76 billion last year.
The Call of Duty franchise has been the key to its success, with last year's Modern Warfare 3 breaking Avatar's record as the fastest-selling piece of entertainment.
Later this year it releases Black Ops 2, which is already breaking pre-order records.
Watch a trailer for Black Ops 2 below: