Last month, administrators from Teneo Financial Advisory were appointed to Harland & Wolff Group Holdings, the parent company of the Belfast shipyard where the Titanic was built.
Now, the Sunday Telegraph has reported Navantia is in exclusive talks to buy the yard.
Harland & Wolff Group Holdings is a non-trading holding company and is the only entity to which administrators have been appointed.
The wider group's core operations comprise its four yards - in Belfast, Appledore, Arnish and Methil - and its interests in the Islandmagee Gas Storage project.
When the business announced it was set to enter administration, the Harland & Wolff Group Holdings board was said to be of the view that there is a "credible pathway" to continuing core operations built around a four-yard operation delivering the £1.6bn naval FSS contract it is involved with, as well as ongoing projects, and other uncontracted revenue across its sites.
Navantia is one of the parties involved in the FSS contract.
