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Chairman Yang Yuanqing said: "The directors confirm that the company has certain preliminary discussions with independent third parties regarding potential investments opportunities and acquisitions."
According to Reuters, Lenovo has around $2bn in the bank and could afford to acquire a substantial asset outright if the Ts&Cs were acceptable.
Lenovo stock jumped initially on the news, but worries that the economic crisis might scupper a potential deal forced a reality check earlier today.
IDC senior analyst Ezster Morvay said that Lenovo would most likely be hit hard in the coming months by slower business spending and would need to build a consumer-facing operation to ride out the downturn.
"The only area of growth for them will be the consumer segment, so in that sense an acquisition could be a route in," she said. "It's not surprising that Lenovo is looking for potential business partners."
Companies already linked to the firm include Brazilian system builder Positivo Informatica and Fujitsu-Siemens. Note that Fujitsu bought Siemens' 50% stake in the business for €450m in November.