Telstra is set to unveil an ambitious plan which would see it free up money by the potential sale of assets.

Street Talk understands Wednesday's highly anticipated strategy day will largely focus on operational improvements but leave room for potentially significant M & A, likely to include a strategic review of billions of dollars of network infrastructure and real estate.

Sources told this column the telecommunications company was seeking to free up cash by launching a strategic review of some assets, believed to include network infrastructure and unused telephone exchanges which sit on valuable land.

It's a big day for Telstra boss Andy Penn, and there is much anticipation among dealmakers about what his company's future may look like. Jesse Marlow

Of course, another option could be monetising its stake in Foxtel. Telstra has previously indicated it would sell down its shareholding in the pay-TV business if it was to list although there are doubts over whether it would get to an IPO.

As Street Talk reported on May 31, dealmakers are known to have been assessing the merits of a company changing split and whether two Telstras may be better than one.