The New York Times reported Monday that the company had formed a special committee to explore new corporate strategies.
The company was a market leader under its former name Research in Motion. But in recent years, it has struggled to outshine rivals Apple and Samsung.
By the time BlackBerry 10 was launched this year, the market was already flush with other options, the Times reported.
Recently, industry research firm IDC said BlackBerry's share of the market had fallen to 2.9 percent.
"Given the importance and strength of our technology, and the evolving industry and competitive landscape, we believe that now is the right time to explore strategic alternatives," said board member Timothy Dattels, who was put in charge of the special committee.
The Times said some of the firm's options may be limited. Microsoft has already studied the possibility of buying BlackBerry and concluded they were better off without it, the Times said.
Companies in China are likely interested, but the Canadian government has already suggested that was out of the question based on national security concerns, the Times said.