Vodafone and Verizon Communications are trying to decide on the future of an existing partnership, Bloomberg said Tuesday. Right now, the two companies own Verizon Wireless, but whispers suggest things could change later this year and there are a few scenarios on the table.

Verizon Communications could purchase Vodafone's 45 percent stake in Verizon Wireless and own the carrier outright with full control over its future. Bloomberg estimates that deal would be worth about $115 billion to Vodafone. Vodafone could also sell just a part of its ownership in the company, which would free it up to invest in other markets, but wouldn't really resolve Verizon's urge to fully own Verizon Wireless. Finally, the two companies could join forces to create one massive company.

Bloomberg said that if the merger does actually happen, Verizon's current CEO Lowell McAdam will likely remain on as the head of the company, which would then move its headquarters to the United Kingdom. The talks are reportedly not yet formal.