Covea approached Exor with an offer for the reinsurer and is in exclusive talks with the holding company that also controls Fiat Chrysler NV and Ferrari NV, the report stated.
The report added that the acquisition of PartnerRe would help Covea diversify its business beyond home, auto, life and health insurance coverage.
A spokesman for Exor declined to comment. A representative for Covea didn't immediately respond to request for comment outside business working hours.
Exor, led by the Agnelli scion John Elkann -- who is also chairman of Fiat and Ferrari -- bought PartnerRe for $6.9 billion in 2015.