Altice could sell off its Belgian business as its focus increasingly turns to the United States.
SFR Belgium currently holds 110,000 cable subscribers and a number of mobile subs.
The Patrick Drahi vehicle could net €500 million from a sale, according to both Bloomberg and the Financial Times.
A management reshuffle last month saw Drahi step down as Altice president to head a newly formed Group Advisory Council.
The $10 billion purchase of Cablevision netted 3.1 million subscribers in New York, New Jersey and Connecticut, alongside newspaper and other media interests, in addition to the earlier purchase of Suddenlink.
Earlier attempts to grow the Belgian business had not met with success.