Morrisons has appointed investment bank Houlihan Lokey to explore options for its exposure to McColl's, the report added.
McColl's last month issued a profit warning and said it was looking at new funding options after an unnamed party withdrew its takeover approach to buy the company.
London-listed McColl's has been negotiating with lenders since last year and had said it was in talks with banks for a longer-term agreement to secure more funding.
McColl's and Morrisons did not immediately respond to Reuters requests for comments.
(Reporting by Amna Karimi in Bengaluru; Editing by Shailesh Kuber)
