The third-largest supermarket chain in Britain has faced dropping sales for the past few years.
If Walmart-owned Asda acquires it will be following in the footsteps of Sainsbury's, which diversified beyond groceries last year when it acquired Habitat and Argos.
Like Sainsbury's and Tesco, Asda has been losing market share to German supermarket chains Aldi and Lidl.
In April 2016, Asda handed both its creative and media accounts, worth an estimated £95 million, to Publicis Groupe agencies Saatchi & Saatchi and Blue 449 without a pitch.
±±¾©Èü³µpk10 has contacted Asda and is waiting for comment.
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