Eversheds is in discussions with US law firm Sutherland about a merger.
Partners at the two firms will vote on the merger proposal within the next few weeks, and it is thought the deal will be finalised by the end of the year.
The merged business will be called Eversheds Sutherland. It will be overseen by a global board, with an equal number of board members from each of the firms.
The new firm will have over 2,300 lawyers operating in 61 offices across 29 countries.
Eversheds' chief executive Bryan Hughes said: "Eversheds has an exceptionally strong reputation for international client service and our strategic ambition is to provide a high quality offering and a single legal solution to clients wherever they are required globally.
"Joining forces with Sutherland will give each firm's clients a global platform."
This is the second time Eversheds have been in discussions over a US merger. In 2015, it was mulling a merger with Foley & Lardner, a firm based in Milwaukee, but the talks broke down.
Hughes will be leaving the firm in May 2017, and will be replaced by Eversheds managing partner Lee Ranson.