A deal would mark move outside of the core London Docklands estate for the developer on its own in the City.

In the past Canary Wharf has worked in joint venture partners on developments in the city, including most recently the ‘Walkie-Talkie’ tower with Land Securities.

It is also in the chase to buy the the Shell Centre on London’s South Bank in joint venture with Qatari Diar.

The Cheapside site has the potential for a 87,000 sq ft building and is located close to St Paul’s Cathedral.