In a statement to the Australian Stock Exchange, AAPT company secretary Anil Sharma said the discussions have not concluded.
"In particular," the statement read, "the pricing and timing of any transaction which might result from these discussions have not been finalised".
Last week, AOL said it would buy German media company Bertelsmann's 50 per cent stake in AOL Australia and AOL Europe in a stock deal believed to be worth between $6.5 billion and $8.25 billion.
Representatives from AAPT and AOL would not comment on the discussions.
AAPT shares closed at $9.00 this afternoon, up 9.5 cents for the day.