Aramco is examining the UK energy company’s assets including Shell Pakistan, the sources said.
Shell Pakistan is listed on the Karachi stock exchange and is said to have a market value of nearly $123m (Rs34.13bn).
According to sources, Shell’s Pakistani assets could be valued at around $200m in a deal.
Shell, which has been present in the South Asian nation for roughly 75 years, also operates more than 600 fuel stations in the country and a lubricants business.
There is no guarantee that talks will lead to a deal and other bidders could also emerge, the sources added.
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A Shell representative told the publication that both local and international investors have expressed strong interest in the assets up for sale.
“Any sale will be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals,” the representative was quoted as saying.
An Aramco representative declined to comment on the development.
In June, Shell announced plans to leave Pakistan.
As part of the exit, Shell will divest its 77.4% stake in Shell Pakistan and its 26% stake in Pak-Arab Pipeline, a government-backed cross-country pipeline system.
The divesture forms part of efforts to increase shareholder returns and exit businesses not generating enough earnings.
Local companies Pakistan Refinery and Air Link Communication have also expressed interest in buying Shell Pakistan.
In July, Aramco reached an agreement with four Pakistani state-owned oil and gas companies for a $10bn oil refinery project.