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The Daily Telegraph reported that a consortium of investors from India and the Gulf are considering purchasing the firm in a deal worth as much as £10 billion.
Following the news, the company's share price jumped by around six per cent at 09:00 BST, rising to 522p.
According to the news source, investors had originally expressed an interest in buying British Land's Broadgate Circle site in the City of London.
However, analyst Michael Burt of Noble Group told Reuters that the deal may be unlikely.
"Look at the past form. Middle Eastern buyers like buying stakes in individual assets. It's a big leap to go from that to buying a whole company," he was quoted as saying.
British Land's property portfolio has fallen in value by 28.2 per cent in 2009, the company said earlier this year.
