The owners of the site are conducting a strategic review of the business after receiving several offers.
One of those offers is thought to be from for teen social media website .
The bids are understood to have been made earlier this year, but talks are reported to have stalled over a payout clause that the owners are seeking.
The site is reported to have as many as 10m members and its investors include Brent Hoberman, co-founder of travel website , who joined as non-executive chairman of WAYN in January 2006.
Other investors include Adrian Critchlow and Andy Phillips, co-founders of , and David Soskin and Hugo Burge of . founder Steve Pankhurst is also an investor.
WAYN, launched in 2002, and attracted a limited amount of interest, but a relaunch two years ago has steadily built its subscription database, which now tallies more than 10m across 220 countries.
The site was founded by two 28-year old former backpackers, Peter Ward and Jerome Touze, who recognised the potential for a travel community network where people can share tips and introductions with like-minded travellers.
The pair have appointed the investment bank Lazard to conduct the strategic review.