Rzeczpospolita reports that such a scenario, which would create a business with revenues of PLN6 billion (€1.42 billion) a year, has been the subject of speculation in the local telecom market for a number of weeks.
It has been further fuelled by a TMT Finance conference in Warsaw on M&As that was attended by Joergen Bang-Jensen, the head of P4, and James Ryan, senior VP and chief strategy officer at Liberty Global.
Rzeczpospolita notes that UPC Polska and P4 have previously explored ways in which they could cooperate.
It adds that both TMT Finance and Reuters have recently reported that the owners of P4 would like to sell the company, the latter quoting a figure of PLN7.5 billion, in Q1 or Q2 2016.
Formal talks between the two parties are believed to have not yet started, with P4 currently preparing to refinance some bonds.
P4 is currently owned by the investment group Novator, which is headed by the Icelandic billionaire Thor Bjorgolfsson, and Tollerton, the investment vehicle for the Greek businessman Panos Germanos.