Sinopec Chairman, Fu Chengyu, visited Oklahoma this week to review the assets and terms of the potential deal, which could be worth billions, Reuters notes.
A Chesapeake purchase would be the Chinese company’s second U.S. deal this year. It invested $2.2 billion in Devon Energy, a U.S. oil and gas company, in January.
No word has emerged as to which assets Sinopec is interested in, or what it would be willing to pay for them.
Chesapeake has announced plans to sell $11.5 billion in assets to cover its mounting debts and funding problems.
It has already agreed to sell more than $4 billion worth of pipeline infrastructure to Global Infrastructure Partners.
The company has also solicited buyers for its Permian Basin leases covering 1.5 million acres.
Sinopec shares rose by more than 2% in Friday morning trading in New York, while Chesapeake shares slipped less than 1%.