The news sent Tiffany shares up 19 percent in premarket trading.
Paris-based LVMH offered roughly $14.5 billion in cash for Tiffany & Co., according to the Wall Street Journal.
"As a policy, we decline to comment on rumors and speculation," a Tiffany & Co. spokesperson told FOX Business on Sunday.
LVMH owns iconic brands including Louis Vuitton, Givenchy and Celine. Its chairman, Bernard Arnault, joined Amazon CEO Jeff Bezos and Microsoft founder Bill Gates as the only people in the world worth more than $100 billion in June.
LVMH's bid would put the value of a Tiffany share at approximately $120. The stock closed at $98.55 a share on Friday.
FOX Business' inquiries to LVMH and Tiffany & Co. were not returned at the time of publication.