Diageo already markets and distributes the brand, following a three-year deal with Guatemalan group Industrias Licoreras, signed in 2008.
As part of the deal Diageo agreed the option for the take up of a 50% equity stake in April 2011, “subject to performance criterion”.
A spokesperson from Diageo said: “We are in discussions with the brand owners about the future shape of our relationship.”
The spokesperson declined to give details of the progress of discussions, adding “when we have something to announce on that then we will do”.
“Until then we will carry on working together to build the brand as we have done since 2008.”
Diageo currently distributes Zacapa 23 and XO to global markets, including Spain, Italy and the US.