Granada is understood to be pursuing overseas acquisitions to help boost its earnings, which fell dramatically last year under the weight of its troubled ITV Digital joint venture.
The broadcaster is already Seven's second biggest shareholder after executive chairman Kerry Stokes.
The Australian government is expected to introduce a bill this month lifting the existing 15% limit on foreign ownership of TV companies.
This bill is expected to be welcomed by Ireland's Independent News & Media and Canada's CanWest Global Communications, which are understood to have been hindered by the rule.
Australia is thought to be a particularly attractive market to UK companies, restricted in the UK by the 20% cap on media ownership, because they share the same language and because of the high rate of immigration between the two countries.
Granada, which also has a 20% stake in Australia's largest cinema operator Village Roadshow, bought from United Business Media, could also be trying to strengthen its position to avoid a takeover by a foreign broadcaster.
Shares in Granada, were down 1.26% to 118p at midday in London.
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