Nestle hopes to take complete control of Haagen-Dazs operations in the US, instead of operating as a joint venture with Diageo's Pillsbury food business.
Diageo completed the £7.7bn sale of Pillsbury to General Mills last week. The change of ownership allows Nestle to exercise a right in its contract to buy out Pillsbury's share of Haagen-Dazs in the US, estimated to be worth around $600m (£420m).
If the sale goes ahead, the Swiss group is expected to bid for the rest of the Haagen-Dazs' international business, owned by General Mills, which could value the brand at $1bn (£691m).
Nestle hopes that the brand will allow it to challenge Unilever, which last year bought Haagen-Dazs rival Ben & Jerry's for £362m.
Nestle is the second-largest ice-cream company in the world after market leader Unilever, which has a 16% market share.
Haagen-Dazs was founded in the US during the 1920s and has a chain of 650 cafes around the world. The brand launched in the UK in 1987.
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