Beverage giant Coca-Cola Co. <KO.N> may consider buying its largest bottler Coca-Cola Enterprises Inc <CCE.N>, according to a report in weekly financial newspaper Barron's.

Bill Pecoriello, an analyst with Morgan Stanley, said, "The probability of a deal -- and the rationale for doing it -- is growing."

Pecoriello suggests that Atlanta-based Coca-Cola may be willing to pay about $27 a share to take control of the bottling company, Barron's said in its latest edition.

Coca-Cola Enterprises shares closed on Friday at $20.23 on the New York Stock Exchange.

Coca-Cola already holds a 36 percent stake in the bottling company, according to the Barron's report.

The stock of Coca-Cola, a Dow component and the world's largest soft-drink maker, closed on Friday at $47.26 on the NYSE.