With their future in the league called into question a number of times this season, the Sunday Herald Sun reported the club have been in talks with expansion hopefuls about the possibility of a merger.
The Wellington club were reportedly exploring the option of selling a partial stake and were believed to have held talks with two expansion groups.
The South-west (Campbelltown) bid was believed to have held formal talks, with the consortium keen to become the A-League's next expansion club.
The Sunday Herald Sun reported any purchase below 50% did not need to be ratified by Football Federation Australia, however this was unconfirmed.
South Melbourne made a play to buy Wellington 11 months ago before talks broke down with the Melbourne team reluctant to pursue a hybrid model.
FFA announced that they would expand by two teams in 2019-20.
