Hon Hai Precision Industry has reportedly approached SoftBank Group about joining its bid to acquire Sharp, aiming to offer an even greater deal for the troubled manufacturer's smartphones. Hon Hai, the contract electronics manufacturer also known as Foxconn, plans to hold a controlling interest in Sharp, with SoftBank seen taking a roughly 10-20% stake, Nikkei reports.

Having SoftBank CEO Masayoshi Son himself buy into Sharp directly is likely on the table as well. Foxconn hopes that having the telecom company on board would boost Sharp's smartphone sales, contributing to its recovery.

Asked Wednesday about potential involvement in Sharp's restructuring, Son responded that it is well outside SoftBank's territory.

Foxconn has already offered 700 billion yen ($6.21 billion) in support to Sharp, which aims to reach an agreement by the end of February.