In a regulatory filing later, Samsung said an acquisition of SanDisk was an option.
Analysts said an acquisition could shift the balance of power in the flash memory industry.
"Samsung buying SanDisk would mean big damage for Toshiba," said Yoshihisa Toyosaki, head of IT research firm J-Star Inc.
In a brief statement, SanDisk said it "periodically has conversations with multiple parties, including Samsung, regarding a variety of potential business opportunities," but declined to comment further.
Samsung, which pays SanDisk 400 billion won ($353.8 million) a year in licensing fees, is looking to reduce that cost through the acquisition, eDaily reported.
SanDisk, widely known for its memory storage cards, was the subject of speculation in August that computer storage drive maker Seagate Technology c could be interested in buying all or part of it.