The approach by the four private equity firms comes after Serie A last year failed to reach a media rights deal worth 1.7 billion euros ($1.7 billion) with a group of funds led by CVC Capital Partners due to opposition from some of its clubs, including Juventus (JUVE.MI) and Lazio (LAZI.MI).
The sources, who declined to be named because talks are confidential, said representatives for Apax, Carlyle and Three Hills met with Serie A top executives earlier this week.
One of the sources said the three funds, which are working with Italian law firm Zoppini, could present a joint preliminary proposal in the next few days.
Searchlight representatives held a separate meeting with Serie A chiefs, the sources said, adding the fund is also considering submitting a formal expression of interest.
The funds' interest was briefly discussed at a closed-door meeting the 20 Serie A clubs held in Milan on Wednesday, the sources said, adding Serie A would share with the clubs any proposal from the private equity investors.