The Qatar Investment Authority (QIA), Qatar's sovereign wealth fund, is seeking to buy at least a 5 percent stake in Deutsche Bank, the German magazine Der Spiegel said.
The agency may buy the stake in the open market or from the HNE Group, which has a 6.3 percent stake in Germany's largest bank, the magazine said.
Discussions with the German Financial Markets Regulatory Authority (BAFN) are already under way.
According to the bank's website, Qatari investors already have a 6.1% stake in Deutsche Bank.
Qatar's investment in Germany is about 25 billion euros ($ 28.5 billion) in sectors such as car companies, information technology and banks.