Pandora Media Inc (NYSE:P) has employed Centerview Partners LLC to offer advice on strategic options and rumors about a possible acquisition have been circulating.

Centerview’s role in the mix is to guide Pandora in its talks with Corvex Management LP about their future plans. Pandora may at some point request Centerview to run the sales process on behalf of the internet radio provider. Sources familiar with the matter claim that the no deal is currently on the table and the sale and the talks are in the early stages. The sources that revealed the details sought anonymity because the talks are private.

Rumors about a possible takeover have also caused a significant impact on the company’s shares. The stock experienced a 6% rise on Monday following the report that Pandora had employed Centerview as an advisor. The sources claimed that the firm has been experiencing increasing pressure from Corvex to put itself up for sale. Pandora has not yet responded to requests for comments from CNBC on the matter. Centerview and Corvex have also kept a tight seal on the matter, as part of enforcing privacy over their talks. The share performance indicates that investors are optimistic about the chances of a takeover happening.

The Wall Street Journal recently reported that Pandora received an acquisition offer Liberty Media Group (NASDAQ:LMCA) but the internet radio provider turned down the offer. Liberty Media’s offer was for $15 per share but Pandora held out in anticipation of a better offer. Pandora’s decision led to a slight decline in the share value to $12. The firm has reportedly been holding talks with numerous suitors interested in an acquisition.

Reports state that Pandora’s board of directors believe that its valuation is close to $20 per share. Pandora did not continue negotiations with Liberty after refusing the offer but analysts claim that Liberty might have just thrown in the offer to see whether Pandora would accept the deal. Pandora may resolve not to engage in a buyout based on the current violation.