Skipper Jimmy Spithill has been linked to Italy's Luna Rossa syndicate.
European publications have reported that the Australian yachtsman, who has competed in the Cup game since 2000, could return to his former Italian team.
Spithill was at the helm of Luna Rossa's loss to Emirates Team New Zealand in the 2007 America's Cup, before he made the move to Oracle Team USA.
However, with Oracle unlikely to be involved in the 2021 regatta, Spithill could return to his Italian team mates in a bid to stay in the game.
Italian publication Ventro e Vele reported that Spithill had recently been spotted in Cagliari, Sandinia where Challenger of Record Luna Rossa have set up base.
The publication said the link between the two-time America's Cup winner and the ambitious Italians was "as good as done".
A French publication also reported that there were "rumours which indicated a return of Spithill in the Italian team".
Luna Rossa, who have collaborated closely with Team New Zealand on the monohull class rule, pose as serious contenders in the 2021 regatta.
Meanwhile, there have been increasing speculations over a Chinese collaboration with France to enter the next Cup.
Sailors aboard the Chinese Volvo Ocean Race team, Dongfeng Race Team, confirmed that Team China were in talks to enter the 2021 regatta.
Chinese star sailor, Liu Xue, said Team China would "love" to sail in the America's Cup, with sights set strongly on kiwi Peter Burling.
"We want to be here to do the America's Cup with the China team, and we want to win. We want to battle with Peter Burling," he said.