The Canadian miner said it had reviewed an all-share nil premium transaction to merge with Colorado-based Newmont, which is valued at $19bn.
The statement on Friday followed media reports that Barrick was considering a takeover of Newmont, to be followed by the sale of its Australian mines to gold miner Newcrest.
Newcrest declined to comment on the reports.
“Barrick Gold today confirmed that the company has reviewed the opportunity to merge with Newmont Mining Corporation in an all-share nil premium transaction,” Barrick said. “No decision has been taken at this time.”
Mark Bristow, chief executive of Barrick, has spoken of the possibility of working together with Newmont in Nevada, where they both have gold mines and processing facilities.
The two companies previously discussed a merger, about five years ago, but talks were disbanded.
A bid for Newmont comes just over a month after Barrick completed its $6bn takeover of Randgold Resources, where Mr Bristow was chief executive.
If it goes ahead it would also require Barrick to pay a break-up fee of $650m to Goldcorp.