Meta, the parent firm of Facebook and Instagram, is working on a standalone, text-based social network app, according to BBC.
It could rival both Twitter and its decentralised competitor, Mastodon.
A spokesperson told the BBC: “We’re exploring a standalone decentralized social network for sharing text updates.
A Twitter-like app would allow Meta to take advantage of the current chaos at the Elon Musk-led company, where cost-cutting has been rampant.
Twitter has been struggling to hold on to its advertising base since Mr Musk’s takeover of the platform late last year.
Companies have pulled back spending following Twitter’s move to restore suspended accounts and release a paid account verification which resulted in scammers impersonating firms.
According to MoneyControl, the new app is codenamed P92, and will allow users to log in through their existing Instagram credentials.
Meta’s app will be based on a similar framework to the one that powers Mastodon, a Twitter-like service which was launched in 2016.