Nokia is in talks to buy French rival Alcatel-Lucent in a deal that could create a European telecoms equipment group worth over €40bn (£29bn).
In a joint announcement, the two companies said there could be "no certainty at this stage" that the discussions would result in a deal.
But a merger for two of the industry's weaker players would be attractive.
It comes a year after Nokia sold its struggling handset business to Microsoft.
Analysts and investors suggested the deal could face potential opposition from the French government, which has previously said it sees the communications industry as strategic, and is sensitive about any potential job cuts.
Shares in Alcatel were nearly 11% higher at €4.28 in mid-morning trading on the Paris stock exchange on Tuesday morning. Shares in Nokia fell 6% to €7.25 in Helsinki.
Nokia is valued at around €29bn, almost three times as much as Alcatel, which had a market capitalisation of €11bn based on Monday's closing share price.
Some investors expressed scepticism over the merits of the proposed deal.
"They are two of the weaker players in the industry," said Clairinvest fund manager Ion-Marc Valahu.
"They could come up with some cost cuts, but just because you combine one weak player with another weak player does not necessarily mean that you will end up with a stronger player."
Analysis: Rory Cellan-Jones, Technology correspondent
When Nokia sold its mobile phones business to Microsoft, it seemed like a sad end to the story of what had just a few years earlier been Europe's leading technology superpower.
But the dull old telecoms equipment business left in Finland has turned out some rather exciting returns for loyal investors, who've seen their shares double in value over the last two years. Nokia has cut costs and has even started making new devices, with a tablet aimed at the Chinese market.
A merger with Alcatel Lucent, another telecoms maker fallen on hard times, might not appear an obvious winner. But together, the two firms would hope to provide real competition to Sweden's Ericsson and, in particular, China's Huawei, which has grabbed a big share of the market as 4G networks are rolled out.
Comebacks are rare in the technology world, but Nokia's investors may look at how Microsoft is doing with mobile phones and reflect that they got the best end of that deal.
The announcement of the potential deal comes at a time of heightened merger and acquisition activity.
Last week, Shell announced a £47bn deal to buy BG Group and create a company worth £200bn.
And US parcels firm FedEx announced a few days earlier that it was to buy Dutch rival TNT Express for €4.4bn (£3.2bn), creating one of the three largest parcel delivery services in Europe, rivalling DHL and UPS if approved by the European Commission.
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