"Mallya is understood to be in talks with Moet Hennessy, the owner of Glen Moray, on issues such as potential asset swaps," The Sunday Times reported.
The distillery's owner, the Paris-based luxury goods giant LVMH Moet Hennessy, had reportedly spoken about putting Glen Moray on the block as part of restructuring the Glenmorangie business.
Whyte & Mackay is targetting second-tier malts and consolidating the supply of spirit for Scotch whiskies as it tightens its grip on the Indian market, the report added.
LVMH had said it would invest 45 million in its distilleries in Tain and Ardbeg on Islay, but would sell Glen Moray as part of a phased withdrawal from the bottling and sale of blended Scotch.
Since Glen Moray has a low brand equity, it would help further Whyte & Mackay's Indian ambitions, the report said, quoting a drinks analyst.