The Californian ride-hailing firm is thought to have approached Deliveroo with an offer worth several billion dollars, sources familiar with the matter told Bloomberg.
Deliveroo is one of Europe’s biggest startups, raising around $480mn from investors last year including Fidelity Investments and T. Rowe Price Group Inc.
In February, the British firm said it intends to hire 250 tech employees at its London headquarters to help bolster its expansion plans.
The sources, who wished to remain anonymous, told Bloomberg that the deal would have to be “considerably above” the company’s last valuation of $2bn.
They also stated that the talks were still at an early stage and could fail because the British firm and its investors are reluctant to forfeit their independence.
The move comes as Uber tries to expand its presence in the food-delivery business in Europe.
Uber's food delivery platform, Uber Eats, is reportedly the fastest growing meal delivery service in the US, according to data from Second Measure.
The business operates in more than 290 cities and is set to enter new markets across Europe, the Middle East and Africa this year.
Shares in rival Just Eat fell 6% following the reports on Friday.