South Korea's largest mobile carrier SK Telecom denied media speculation that it is looking to sell a 30-percent stake in its e-commerce unit 11Street to U.S. retail giant Amazon to bolster its online retail business.

In a statement on Monday, SK Telecom said while it is collaborating with Amazon to launch a service so that Amazon products can be directly purchased on 11Street, there is no ongoing matter regarding a stake transfer.

This comes after a local daily reported that Amazon will exercise its right to acquire a 30-percent stake in 11Street, and that the U.S. retailer could acquire up to a 50-percent stake.

In November last year, the two companies signed an agreement to collaborate in e-commerce, giving Amazon the right to acquire a stake in 11Street.

The wireless carrier currently owns an 80-percent stake in 11Street and is planning an initial public offering(IPO) for the online retailer next year.