The details of the deal which has not yet been finalised could be announced within few days, Bloomberg reported, citing people familiar with the matter.
A deal would be the largest involving an Australian company this year, Bloomberg said.
U.S.-based Coca-Cola Co owns a 19.11% stake in Coca-Cola European Partners, the world's largest independent bottler of Coca-Cola, Refinitiv Eikon data shows.
Shares in bottler Coca-Cola Amatil were halted on Thursday pending an announcement on a "potential material transaction".
Neither company could be reached for comment outside business hours.
(Reporting by Rebekah Mathew in Bengaluru; editing by Jason Neely)