Wragge & Co is understood to be sending two high-profile partners to London to set up a liaison office as an interim measure while it considers a possible merger.
The office would be a 'shop front' to the firm's Birmingham-based services, similar to that set up by Pinsent Curtis.
The partners are thought to be Richard Haywood, head of corporate finance, and Maurice Dwyer, head of private equity.
However, John Crabtree, senior partner at Wragge & Co, strenuously denied the reports. He said: "No-one is going down to London and we haven't even contemplated talking to a London firm."
But sources say that there is an internal debate within the corporate department as to whether the firm should not have a significant presence in the capital.
A fully-operational London office would be a radical departure from the firm's one office policy, but managing partner Quentin Poole has hinted that the firm is prepared to consider a London office.
A source said: "It has become apparent to Wragges' corporate department that without a presence in London they risk increasingly being dropped off short-lists by banks."
As well as transferring partners the firm is also thought to be talking to a niche corporate firm in the capital about the possibility of a link-up.
But Ian Metcalfe, head of corporate, denied that there were any such plans.
He said: "We are content that we have a corporate group that is 60 strong – we do not feel any need or see any material benefit for part of our practice to be based in London."
Sources suggest that one likely candidate is the 10-partner Memery Crystal. The firm is understood to have talked to a number of national and regional firms, including Eversheds, Dibb Lupton Alsop and Davies Arnold Cooper, about a merger.
One of its largest corporate clients is Wembley plc, a client since 1987.
Memery Crystal acted on all the commercial aspects of the company's recent sale to the English National Stadium Development Company.
The firm's corporate department has also grown, with the arrival of tax and employee benefit senior assistant Fiona Bell.
However, senior partner Peter Crystal rejected the suggestion that his firm was in merger talks with Wragges.
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