Alexander Wang is in talks with the private equity firm General Atlantic.
The 31-year-old designer has reportedly been meeting with the firm - who have invested in companies including Tory Burch, Airbnb and BuzzFeed - following the news Balenciaga have chosen not to renew his contract as creative director of the brand, WWD reports.
The Spanish fashion house and its parent company Kering have yet to reveal why they've chosen to let Wang go in favour of a "lesser-known" successor, but it's been claimed his final show will take place during Paris Fashion Week in September 2016.
A source said previously: "Kering is open to considering a lesser-known, hidden talent for the plum post, emboldened by the positive feedback and outpouring of goodwill it had in promoting Gucci insider Alessandro Michele to succees Frida Giannini at the helm of the Italian brand earlier this year."
Alexander's stint at the helm of Balenciaga has been relatively short-lived compared to the career of his predecessor, Nicholas Ghesquiere, who enjoyed 15 years in the creative director chair, before leaving to take up the top job at Louis Vuitton in 2012.
It was rumoured earlier this month that Alexander was in talks to renew his contract.
A spokesperson for Kering said: "There are discussions between the designer and Balenciaga regarding the renewal of the contract".
However they refused to discuss the "likelihood of an agreement".