UPDATE 1-Telecom Italia board may discuss Brazil options next week-sources
* Board may ask CEO to consider M&A move in Brazil - sources
* Among Telecom options possible tie-up with Oi - source
* Sale of its Brazilian mobile phone towers seen soon
* Meeting comes as Angola tycoon plans bid for Oi owner (Adds details, context, source on Brazilian mobile towers sale)
By Danilo Masoni
MILAN, Nov 11 (Reuters) - The board of Telecom Italia could meet as early as next week to discuss options for its business in Brazil, two sources familiar with the situation said on Tuesday, as consolidation talk in the Latin American market heats up.
Telecom Italia, which is selling assets including mobile phone towers in Brazil to cut debt and fund investments, is seeking to strengthen its majority-owned Brazilian unit TIM Participacoes, but has not ruled out selling it at the right price.
Telecom Italia lost out to Telefonica in a bidding war for Brazilian broadband company GVT this summer, leaving TIM Brasil in a weaker position than its rivals and making it a possible takeover target.
In August, Brazilian telecoms operator Grupo Oi hired a bank to advise on a TIM buyout plan, but this week Telecom Italia CEO Marco Patuano said he was ready to explore the possibility of buying Oi. Continuación...