Private equity firm Elevation Partners is looking to acquire shares in Internet radio service Pandora, according to a report on TechCrunch.

It reports that Elevation Partners "has signed a letter of intent to acquire a large chunk of shares in a leading online music company," rumored to be Pandora.

TechCrunch quotes Pandora spokesperson Deborah Roth as stating, "We're aware that Elevation has been interested in buying Pandora shares."

The size of investment is estimated as approximately $100 million, according to Elevation sources quoted by the website.

Both Pandora and Elevation Partners did not respond to requests to comment at deadline.

Elevation Partners' official website states that the company has almost $1.9 billion in committed capital.