It was only about two weeks ago that talks of a possible merger between Caesars Entertainment and Golden Nugget were being tossed around. Those rumors were quickly squashed by Caesars, but now there’s a new rumor making its way through the industry. MGM has now reportedly started to try and put a deal together that would see it and Caesars become one.

According to a report in the New York Post, MGM has already hired financial giant Morgan Stanley and the Weil, Gotshal and Manges law firm to create a feasibility study on a possible MGM/Caesars merger. However, there has yet to be an official offer made.

25% of Caesars is owned by hedge funds operators, including Canyon Partners. Canyon also holds a stake in MGM. These operators have been trying to push Caesars into a deal with MGM and are believed to be the main force behind the ouster of Caesars CEO Mark Frissora, who will give up the helm next February.

Chaney Sheffield, a former investment banker with Morgan Stanley, who now manages Canyon’s lodging and gaming investments, has been particularly active on the MGM/Caesars merger, according to sources close to the companies. He has allegedly indicated that the deal would help to save overhead and reduce marketing expenses.