By Eric Sylvers

MILAN--China National Chemical Corp. is negotiating to buy a controlling stake in Italian tire manufacturer Pirelli & C. SpA, according to a person familiar with the situation, in what would be the latest in a string of Chinese acquisitions in Italy.

Camfin, the investment vehicle through which Russia's Rosneft controls 26% of Pirelli, may transfer its stake to a new company that would be majority-owned by China National Chemical, known as ChemChina, according to the person who has been briefed on the plans.

Camfin earlier on Friday said that an "international industrial partner" might invest at a price that values Pirelli at 15 euros a share and that a tender offer at the same price would then be made for all of the tire company's outstanding shares.

Pirelli, which has a market value of about EUR7.3 billion, rose 2.2% to EUR15.23, indicating investors are betting on a tender price above EUR15.

ChemChina, one of China's largest state-owned conglomerates, didn't immediately respond to calls and an email requesting comment. The company is involved in a range of chemical businesses that involve the auto industry, including chemicals for tire production.

A deal will likely be signed in the next few days or else shelved all together, the person said. Camfin and UniCredit, an Italian bank that owns an indirect stake in Camfin, called snap board meetings indicating a resolution could come soon.

Chinese investors have paid billions of euros over the past few years to buy stakes in some of Italy's biggest and most iconic companies including Fiat Chrysler Automobiles SpA, oil giant Eni SpA and Terna SpA, operator of the country's power grid. Until now, the Chinese haven't sought to control any of the Italian companies they have invested in.

Pirelli has had a rocky recent past with several ownership changes in the past four years. In 2012, Marco Tronchetti Provera, Pirelli's chairman and chief executive as well as an investor in Camfin, managed to muster help from Italy's two largest banks to fend off an assault from another investor. Rosneft, last year invested about EUR500 million ($538 million) for 50% of Camfin.

Pirelli would maintain its headquarters in Italy, Camfin said.

Italian media previously reported that ChemChina was the international company Camfin is negotiating with.

Rick Carew contributed to this article.

Write to Eric Sylvers at eric.sylvers@wsj.

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