Activist investor Nelson Peltz is engaged in talks to raise funding for a potential buyout bid that would take Wendy's private, according to sources familiar with the matter.

Peltz, who runs investment firm Trian Fund Management, has been exploring financing options for the acquisition of the fast-food restaurant chain. The discussions represent preliminary steps toward what could become a formal takeover proposal.

Wendy's, known for its square hamburger patties and Frosty desserts, operates thousands of locations across the United States and internationally. The Dublin, Ohio-based company has been publicly traded and would require significant capital to complete a take-private transaction.

Peltz has a history of activist investing in the food service industry and has previously taken positions in various restaurant and consumer companies. His firm typically seeks to influence corporate strategy and operations to enhance shareholder value.

The financing discussions are ongoing and there is no guarantee that Peltz will proceed with a formal bid for Wendy's. The company has not publicly commented on any potential acquisition discussions.