In a statement the Saltaire-based firm said that talks were at a preliminary stage and a deal was by no means certain.
Under UK Listing Rules the transaction would be classified as a reverse takeover.
Consequently, shares in Pace have been suspended.
The possibility of a sale of the Home business has been mooted since Google took control of Motorola in May.
It has also been confirmed that Pace has lost its contract to supply set-top boxes to BT Vision for its YouView service.
The US is very much the centre of attraction for Pace, since breaking the traditional duopoly between what is now Cisco and Motorola.
A troubled 2011 saw Pace issue a string of profit warnings, culminating in American Mike Pulli replacing long-time CEO Neil Gaydon, in the light of a strategic review under chairman Alan Leighton.