NTT is keen to broker a partnership deal with Telstra that would see the pair work together to expand their businesses in the Asia-Pacific region.
The Japanese operator wants to become Telstra's biggest partner, according to Australian media reports.
Given the lack of M&A opportunities in the region, Telstra will need to make a deal with NTT if it wants to grow its overseas revenues, Fairfax Media's Sydney Morning Herald quoted Monte Davis, chief executive of NTT Communications' ICT Solutions business, as saying.
"I'm trying to sit down with [Telstra CEO] David Thodey specifically to talk about its Asia-Pacific plans and how we can work together," Davis reportedly said.
He added that Telstra is looking to expand its business with Australian companies overseas, a strategy NTT has followed for some years.
"As long as that's the model they're going on it's fairly easy to leverage the NTT assets, connecting them to Telstra assets and delivering a regional and more global service," he said.
According to the paper, Telstra currently generates around 3% of its revenues and net profit from Asia, but aims to increase this to around 33% by 2020.
"A strategic partnership with a player that has significant assets in the region is probably the best way for a Telstra to reach that critical mass in that kind of time frame," Davis said.