Skipper Jimmy Spithill has been linked to Italy's Luna Rossa syndicate.
European publications have reported that the Australian yachtsman, who has competed in the Cup game since 2000, could return to his former Italian team.
Spithill was at the helm of Luna Rossa's loss to Emirates Team New Zealand in the 2007 America's Cup, before he made the move to Oracle Team USA.
However, with Oracle unlikely to be involved in the 2021 regatta, Spithill could return to his Italian team mates in a bid to stay in the game.