Vodafone has moved to quash media speculation of a major takeover, saying it is in early stage discussions regarding the acquisition of just some of Liberty Global's European assets.
The announcement comes after rumours that Vodafone was considering a full-blown merger with the firm - a point it clarified on Friday.
"Vodafone confirms that it is in early stage discussions with Liberty Global regarding the potential acquisition of certain overlapping continental European assets owned by Liberty Global," Vodafone said in a statement.
"There is no certainty that any transaction will be agreed, nor as to the terms, timing or form of any transaction.
"Vodafone is not in discussion with Liberty Global regarding a combination of both companies."
The news comes nearly two years after the two firms sealed a deal to merge operations in a joint venture that would bring together Vodafone's mobile operation with Liberty Global's Ziggo broadband network.
Liberty Global is controlled by US cable tycoon John Malone, although it is focused on Europe.