Reuters is reporting that Ifil, the Italian holding company run by the Agnelli family, has confirmed that talks have taken place. But along with the confirmation, the group issued the warning that "this opportunity has not, to date, been formalized."

While Mitsubishi is a majority stakeholder in the Rockefeller Group, Rockefeller is the majority stakeholder in C&W as it is for four other operating companies. Despite reports to the contrary, Mitsubishi is not at the table. The other operating companies are a development firm, a technology company, Rockefeller Group Business Centers and Commonwealth Partners.

No one from the Rockefeller Group returned calls for comment. But a C&W spokesperson did issue this statement: "We are regularly in discussions with potential business partners. In recent months, we have evaluated opportunities with a number of firms, including Ifil, but no agreements have been formalized. As a company policy, we never comment about rumors or speculation, particularly in relation to our corporate strategy."

But those better able to talk say such a deal would free C&W to pursue more aggressive growth through consolidation, considered by sources to be a stumbling block with current management. In the wake of the CB Richard Ellis/Trammell Crow buy-out, the question of what C&W would do next was a constant.

As president and CEO Bruce E. Mosler told Globest.com on the heels of that news, "We're a $1.5-billion business; the merger doesn't change our plan at all," he said. "C&W is going to grow its business in the fashion that we have determined is best suited to our business strategy. We're still recognized as the leading brand in global real estate services and we will continue to keep our own counsel and pursue acquisitions and organized growth."

But sources stick to their belief that growth through consolidation will be C&W's marching orders. If that does become the case, the only question that remains will be who the likely candidates are.