Edizione holding, which is the controlling shareholder in travel caterer Autogrill and infrastructure group Atlantia, last year hiked its stake in Generali to just over 3 percent, saying it was a long-term investment.
Il Sole 24 Ore said Edizione's board had given the green light to increase the holding to 5 percent, although this did not need to happen immediately. The paper added that the Benettons would not be asking for a place on Generali's board.
A spokesman for Benetton declined comment.
(Writing by Crispian Balmer; Editing by David Holmes)