ASOS received a £1bn takeover bid in late December from Turkish fast-fashion retailer Trendyol.
The deal, which was reported in The Times, would have seen the online fashion retailer valued at between £10 and £12 a share, a significant increase on its current value of £3.50 per share.
Trendyol, which raised $330m (£265m) from Chinese Ecommerce brand Alibaba in 2021, is reportedly working with Morgan Stanley on the bid, however no talks are currently underway.
It is believed that ASOS’s largest shareholder, Anders Holch Povlsen, was approached however his investment vehicle declined to comment on “rumours and speculation”.
ASOS was recently kicked out of the FTSE 250 after is share values fell by 93% over the last two years.
In May, the retailer raised £75m of funding as it looks to return to sustained profitability. ASOS recorded an adjusted loss before tax of £87.4m in the six months to February 28 2023.