All3Media, set up by Morrison in 2003, has started buyout talks with Liverpool-based Mersey, according to Broadcast magazine.
The independent production company is likely to be worth somewhere in the region of £35m after its chairman Phil Redmond put the business up for sale.
Mersey is also set to launch an as-yet-to-be-named 'Hollyoaks' spin-off series for E4, which may bump up the price of the company if it proves successful.
All3Media was set up by Morrison after buying Chrysalis Group's TV assets, Cactus Television, Bentley Productions and Chrysalis Television, for around £40m.
Neither All3Media nor Mersey TV were available for comment at the time of going to press.
All3Media has gone on to make further acquisitions with the purchase of: Company Pictures, which is behind Channel 4's 'Shameless' and ITV's 'Rose and Maloney'; Lion TV, producer of BBC One's 'Castaway'; and Assembly, maker of Channel 4's hit comedy 'Black Books.
Bentley makes ITV's 'Midsomer Murders' and 'Ultimate Force' and Cactus produces Channel 4's 'Richard & Judy'.
Last year, Mersey TV's Redmond wrote to culture secretary Tessa Jowell asking her to sell Channel 4 to him.
He later delivered speech at a conference in Manchester, where he told an audience about his proposed plans:
"Channel 4 needs to be commercial, otherwise it's death by a thousand cuts," he said. "We need to show confidence in a privatised Channel 4. We can't wait for five years to see what the digital future holds. Which is why I'm offering to buy Channel 4 from the government and run it," he said.
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