Amcor is working with advisers to explore a bid for Bemis, which has a market valuation of about $4.3 billion, the report said.
Amcor said in a statement that it had seen the media reports. It said it is continually reviewing opportunities to improve shareholder value and said it regularly assesses a range of strategic options.
Bemis, based in Neenah, Wisconsin, was not immediately available to comment.
Reporting by Roopal Verma in Bengaluru; Editing by Arun Koyyur and Leslie Adler