The paper said the three potential bidders included Vodafone of Britain, France Telecom and Spain's Telefonica.
“If we're lucky, we could end up with a three-horse race,” an unnamed source briefed about Deutsche Telekom's plans told the Financial Times.
Vodafone and Telefonica had no comment on the report. But France Telecom told AFP it was "not interested in making an offer for T-Mobile UK."
A study cited by the Financial Times said T-Mobile UK had the weakest market share – 14.9 percent – of all major providers in Britain, after 27.7 percent for O2, a Telefonica subsidiary, and 21.5 percent for France Telecom/Orange.
The paper also reported that Telekom boss René Obermann had decided to sound out a possible sale of the company's UK mobile unit this spring after years of declining profitability.