Citing people familiar with the matter, the Wall St Journal said a deal could come as early as this week although the timing remains uncertain.
Modelo, Mexico’s largest brewer, has a market value of roughly $23bn. Anheuser-Busch InBev owns a 50 per cent non-controlling stake in Modelo.
That means any deal handing control of family-controlled Modelo could cost Anheuser-Busch InBev well over $10bn if it buys out the family entirely, according to the report.
Representatives of Anheuser-Busch InBev and Modelo could not be immediately reached for comment outside regular business hours.
In its last trading update in April Grupo Modelo saw its first-quarter profit rise by 5.4 per cent, as a jump in sales was offset by higher costs for distribution and administration.
The Corona-maker said quarterly profit rose to 2.259bn pesos from 2.143bn pesos a year earlier.
Revenue rose 10.6 per cent to 21.275bn pesos from 19.234bn in the year-earlier period. Modelo said it sold more beer both in Mexico and abroad, particularly in the United States, Australia and Asia.