Cell C has put core parts of the business up for sale as it struggles with R9bn of debt.
According to the reports, their fibre network and base of billed customers are up for grabs and the sale has attracted interest from MTN, Vodacom and Telkom but all three refused to comment.
A spokeswoman said on email, "Cell C will look at any opportunity that will assist the company's long-term viability and sustainability. Any opportunities needs to undergo a due diligence process that takes into account all stakeholders."
Cell C's asset sale has also attracted the interest of the world's biggest telecom company, China Mobile.
In 2016 it was on the brink of collapse and was rescued by Blue Label Telecoms.
Meanwhile Blue Label shares have slumped 47% this year, and the group is now valued at R2.6 billion.