Alibaba is currently working with financial advisers for the potential offering, reported Bloomberg, which relied on sources familiar with the plans.
An Alibaba spokesman declined to comment on the report by phone on Monday.
A confidential listing could happen by later this year, said the report, and the company has said on background it would not rule out another listing in an effort to diversify business.
The company broke a record with its New York Stock Exchange listing in 2014, when it raised $25 billion, according to Bloomberg.
A massive online presence, Alibaba's fiscal 2019 full-year revenues ended March 31 were $56 billion. Its China retail marketplaces reached 654 million the same year, said the company.
In fiscal year 2020, the company expects to make about $72.5 billion in revenue.