On Monday, the French airline announced it was taking a 25 percent in Italian airline Alitalia, but is apparently still on the lookout for other potential deals.
"SAS has begun an informal consultation process and has contacted us," an internal Air France-KLM source told the French daily La Tribune, according to the Reuters news agency.
Officials from Air France-KLM were unavailable for comment, and SAS representatives refused to elaborate on the report.
“We confirm, as we have done earlier, that we are in a process where we are looking at structural possibilities, that discussions are ongoing concerning structural measures," SAS spokesperson Elisabeth Manzi told Reuters.
Back in September, Reuters had reported that German airline Lufthansa was interested in buying SAS, which has continued to struggle in the face of low-cost rival airlines.
In December, SAS sold off its stake in Spanair, and earlier in the week the airline announced a 12.5 percent drop in December passenger traffic from 2007 to 2008.