Nasdaq OMX and IntercontinentalExchange are in talks to team up on a possible bid for NYSE Euronext, in an attempt to break up the Big Board’s deal with Deutsche Boerse, the New York Times’ Dealbook reported on Friday.

If such a bid were to materialize, Nasdaq could buy NYSE Euronext’s cash equities trading business, while ICE would take the derivatives business, the Times reported, citing an unnamed source.

An offer is not imminent, the paper said, adding that the chances of such a bid emerging were low.

An ICE spokeswoman declined to comment. Nasdaq officials were not immediately available for comment.