The Times newspaper reported that Trinity, Cambridge's wealthiest college, has been in negotiation with Meridian Delta, a partnership between lease owners Quintain and Lend Lease, to take over the site.
This would not affect AEG's contract as operator of The O2, but the entertainment organisation may have to pay its rent to a new landlord.
A spokesperson for AEG told Event: "AEG's interest in The O2 is absolutely not for sale - it is the landlord's (MDL) underlying interest in the land on which it sits that is. AEG benefits from a long leasehold interest in The O2 which will not be affected by the sale process."
It is understood that Trinity, which is unavailable for comment, along with a number of university colleges, have investment portfolios.
Despite rumours, AEG is yet to find a replacement for Michael Jackon's concert dates. The company has also rubbished reports that it will not be able to pay the lease due to losses resulting from Michael Jackson's death.
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