The owner of the Daily Mirror, Sunday Mirror and Sunday People is considering taking a minority interest in the new company, but added it had not made an offer and there is "no certainty that any agreement will be reached".
Trinity Mirror updated the stock market this morning on its plans in response to media reports.
A source told The Guardian that the discussions centre around Trinity Mirror taking a minority stake in Northern & Shell’s Express Newspapers, the owner of the Daily Express and the Daily Star.
The move could lead to a merging of back office and sales operations in order to make significant cost savings.
A sale of a minority stake in Express Newspapers would be another instance of Desmond divesting his media portfolio.
In 2014 he sold Channel 5 to MTV owner Viacom for £463m and he sold his adult television business, which includes Television X, last April.
The Northern & Shell group also owns OK! magazine and the Health Lottery.
Trinity Mirror and Northern & Shell held talks two hears ago about the Mirror owner potentially buying the Daily Express and OK!.