A source has claimed that Sony and Fujifilm are the leading contenders to partner up with Olympus, which is looking to improve its finances after being hit with scandal in the latter part of 2011.
A Samsung source has said that the company is open to the possibility of an alliance with rival manufacturer Olympus.
The Japanese headquarters of Olympus, the camera manufacturer, have been raided by Japanese prosecutors investigating the firm's accounting practices.
Olympus has announced that it is expecting to see a profit loss in its digital camera business for the financial year ending in March.
Olympus has revealed its balance sheets just hours ahead of the deadline imposed by the Tokyo Stock Exchange, revealing a $1.1billion loss.
Ousted Olympus chief executive Michael Woodford is expected to make a return to Japan next week ahead of the company's deadline to announce earnings or face delisting from the Tokyo stock exchange.
In the latest twist in the Olympus saga, a former Olympus Employee, Koji Miyata, has called for Michael Woodford to be reinstated in an online petition.
There are fresh concerns for troubled Olympus after the Tokyo stock exchange has warned that the company could be delisted if it fails to report earnings by December 14th.
In the latest twist in the ongoing Olympus drama, which saw CEO Michael Woodford fired and his replacement step down within a matter of weeks, the latest personnel casualty is Vice President Hisashi Mori, amid findings that cover-ups have been going on since 1990.