According to a new report, Microsoft is looking to open its first UK-based store in the near future.

Microsoft has expanded its consumer retail stores in recent years and while a common sight in the U.S. the firm is yet to establish a notable presence outside of its home turf. However, according to a new report from RetailWeek (via Engadget), the software giant is looking across the pond for its next location.

Microsoft is reportedly looking to open its first store in the UK at Oxford Circus, London. Talks are supposedly underway to secure a 10-year lease for a building in the heart of the renowned shopping locale, currently occupied by United Colours of Benetton. However, with a deal yet to be reached, the store's arrival isn't guaranteed.

Rumors of a physical Microsoft Store in the UK have circulated in the past, building on the existing portfolio of locations established across the U.S, Canada, Australia and Puerto Rico. As one of Microsoft's core markets, establishing a storefront in England would be a logical development, with rivals like Apple already settled in the area.

If this does come to fruition, the new UK Microsoft Store would be based in 255-259 Regent Street, just outside of the Oxford Circus Tube station. As a prime venue for shoppers in London, the location could prove to be a smart move, by securing a strong retail presence in the city.

Updated September 21, 2017: In a new blog post, Microsoft has now confirmed its plans to open a Regent Street store in London. "We couldn't be happier to be opening a flagship store in the heart of central London at Oxford Circus, where two of the world's most iconic shopping streets meet," states Microsoft's UK head Cindy Rose. "We know our customers and fans, whether they are from London, the broader U.K. or just visiting, will love our bold plans for the space."