The Arnault family are in takeover talks with Elliott Management for AC Milan.
La Repubblica says luxury brand business Arnault are willing to pay 1bn to buy the Italian giants.
The LVMH group owns brands including Louis Vuitton, Fendi, Christian Dior, Givenchy, Marc Jacobs and Fenty.
An offer has been made to Elliott to the tune of 960m-1bn.
Arnault's interest has been the subject of speculation since the start of the season.