U.S. taxi firm Uber is prepared to make concessions as it seeks to reverse a decision by London authorities not to renew its license in the city, which represents a potentially big blow for the

fast-growing company, a newspaper reported.

The Sunday Times also quoted sources close to London's transport body as saying the move was encouraging and suggested the possibility of talks.

"While we haven't been asked to make any changes, we'd like to know what we can do," Tom Elvidge, Uber's general manager in London, told the newspaper. "But that requires a dialogue we sadly haven't been able to have recently."

A spokesman for Transport for London (TfL) declined to comment. The Sunday Times said Uber's concessions were likely to involve passenger safety and benefits for its drivers, possible limits on working hours to improve road safety and holiday pay.