Telecom giant Vodafone said on Monday it was exploring the possibility to cooperate with Wind Hellas Greece's third-biggest telecoms operator.

"Vodafone Group confirms that it has entered into discussions with Largo Limited to explore a potential business combination between Vodafone Greece and Wind Hellas," the company said in a statement.

"However, media reports that Vodafone Group is in discussions to buy Wind Hellas for cash are incorrect. Discussions are at an early stage and there is no certainty as to whether an agreement will be reached.," the statement said.

Wind Hellas, formerly owned by Egyptian tycoon Naguib Sawiris, fell in December under the control of its bondholders after it wiped out almost 2 billion euros of its debt.