The Australian Financial Review says the company views a listing in Australia as inevitable, as it looks to expand.
The jeweller has 141 stores in Australia and plans to open 40 more.
Forsyth Barr retail analyst Guy Hallwright says Australia is Michael Hill's main market and it would make sense for the company to list there.
Mr Hallwright says Michael Hill is working on building up a business in Canada, which is losing money at present but has long term potential, and has a small group of stores in the United States.
