Foxconn has proposed the buyout, which would give Sharp the chance to offload a failing unit.
A move could help Foxconn lower its manufacturing costs, though Apple customers won't likely see those savings.
A new report suggests that Foxconn will cut back on its workers, but the company says it's only reducing the pace of employee recruitment.
Will this Chinese manufacturer's search for the next big thing pay off? CNET takes a tour of Foxconn's Innoconn Beijing campus to find out more.
If Foxconn makes the investment, it would be the largest in the company's history, but so far, talks are only in their preliminary stages.
Buyers of the new phone may have to wait a while to get it as Apple supplier Foxconn struggles to ramp up production, says the Wall Street Journal.
The person allegedly took six bodies for the iPhone 6 off the assembly line and sold them to a local gadget market in Shenzhen.
Apple supplier Foxconn plans to secure a roughly 15% stake in Asia Pacific Telecom as it expands to 4G communications.
The alleged images also show more rounded corners and a change in the position of the power button.
The companies didn't specify the number of patents sold, the purchase price, or the exact technology involved.