Mondadori publishes Italian magazines including Donna Moderna and Grazia.
The company wants to expand its reach outside of its domestic market.
The Italian company already has a relationship with Emap in the UK through its Grazia licensing deal.
The German publisher Gruner & Jahr has also said it is monitoring the sale of Emap France.
Emap announced its plans to withdraw from the French market last week, after a review of its strategic investment priorities (Campaign, 3 March).