In a bid to avoid the video platform being banned in the US by President Donald Trump's Administration if it's not bought by an American firm by Tuesday (15.09.20), the app's Chinese parent company, ByteDance, has held talks with Oracle to make them a partner, NBC News reported.
The move came as TikTok allegedly rejected an offer from Microsoft.
The agreement with Oracle is not quite complete, however, it would see them take over control of TikTok's US user data.
Sources close to the deal have also claimed it could see Oracle claim a stake in TikTok's US operations, as well.
The Committee on Foreign Investment in the United States (CFIUS) is overseeing the ByteDance and Oracle discussions.
However, there is no word from Trump's camp on whether they would approve the deal.
The world leader insisted last week that he's not willing to extend the period in which TikTok needs to be sold to a US firm to avoid being banned.
Trump stated that if by September 15 the video platform has not found itself a new American buyer, it will be shut down across the nation.
He told reporters: "We'll see what happens. It'll either be closed up or they'll sell it. So we'll either close up TikTok in this country for security reasons, or it'll be sold.
"I'm not extending deadlines, no. It's September 15th. There'll be no extension of the TikTok deadline."
Trump has made no secret of the fact he thinks TikTok, which is owned by Beijing-based company ByteDance, poses a national security threat, which the company has profusely denied to be the case.
TikTok is currently in the process of suing Trump's Administration, and was dealt another blow when Kevin Mayer quit the app amid their battle to remain in the US.
The former Disney executive stepped down from the job as CEO just six months after joining the company.
A TikTok spokesperson confirmed: "We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin's role would be going forward, and fully respect his decision.
"We thank him for his time at the company and wish him well."