Anglian Water, which recently bought Morrison Construction, is considering splitting its water assets from the rest of the business.
The move follows a drop in UK water companies' profits after pressure from regulator Ofwat.
An Anglian spokesman said it was too early to say what impact the move would have on Morrison.
Announcing interim results for the six months to 30 September, which did not include Morrison's figures, the groups said the Morrison deal would take advantage of the growth in outsourcing in the utility sector. It said plans for Morrison's future were yet to be completed.
The statement said: "A further announcement will be made in due course when we are satisfied that we have a solution which can deliver benefits for shareholders, customers and employees."
