A company offering flexible office space for co-workers is believed to have its sights set on Canary Wharf.

Reports claim WeWork is holding “advanced talks” to become the first to move into a 110,000sqft space at the 22-acre site formerly known as Wood Wharf.

The site, currently being developed by estate landlords Canary Wharf Group , aims to offer a “residential led mixed use, waterside community” alongside commercial office space, shops and restaurants.

Property website Estates Gazette claims the firm is in the final stages of negotiations to lease the unit with rent charges of £50 per sq ft.

If successful, the deal will see WeWork launch at its first residential development in Europe.

The £660m co-working platform offers space for everyone from freelancers to small businesses, remote teams, early-stage tech founders and start-ups.

It also boasts an online social network with more than 30,000 members.

Meanwhile it is believed discussions about residential blocks to house microflats then rented to those under the WeWork umbrella are also ongoing.

WeWork has recently snapped up a sublet of 109,000 sq ft from Rio Tinto at Eastbourne Terrace in Paddington, W2 as well as a 21,000 sq ft lease at Deerbrook’s Sheraton House in W1.

It has also agreed a blend of rents in Paddington from £45 per sq ft to £65 per sq ft and is paying around £70 per sq ft in Soho.

Canary Wharf Group declined to comment.