Reuters is reporting that Liberty Media is interested in discussing a deal to swap Time Warner stock for AOL’s dial-up Internet business, Liberty chairman John Malone said on Monday. This would put Liberty in contention with Earthlink, who is also looking to dial up a deal with AOL for the same division.

“Clearly an exit from the Time Warner equity state into a cash-generating asset would be attractive, but at the current time, none have been proposed that we could take action on,” Malone said in a conference call with reporters. “But we would continue to try and maintain the relationship with [CEO Jeff Bewkes] and the Time Warner folks in the event that such a transaction would present itself.”