U.S. electronics retailer RadioShack Corp is exploring strategic alternatives that include a share buyback or a possible sale of the company that could net more than $3 billion, the New York Post said, citing sources close to the situation.

Investment bankers have already begun pitching their private equity clients about a leveraged buyout of RadioShack, informing them of the retailer's willingness to sell, the newspaper said.

Another option for RadioShack would be a merger with Best Buy Co Inc , the Post said.

A RadioShack spokesman declined to comment to the Post.

It is still early in the process and any sale efforts would not begin for weeks or even months, a source told the paper.

RadioShack shares have risen in the past based on takeover speculation.

RadioShack shares have nearly tripled over the last year as it has repositioned itself as a hub for mobile phones and related services.

RadioShack could not be immediately reached for comment by Reuters outside regular U.S. business hours.

(Reporting by Sakthi Prasad in Bangalore)