In a statement, Countrywide announced that it has received an indicative offer from Connells but that "the approach is at an early stage".
Countrywide said: "Connells Limited has indicated that any offer is conditional upon, amongst other things, completion of confirmatory due diligence and the recommendation of the Board of Countrywide.
"There can be no certainty that an offer will be made, nor as to the terms of any such offer, should one be made."
Countrywide has postponed its general meeting to engage with shareholders relating to the proposed transaction.
The news comes after LSL Property Services pulled out of discussions with Countrywide regarding a proposed merger in March this year.
