According to a report from the Financial Times, the top management at the US bank have turned to HP due to the perceived "parallels between their situation and that faced by HP in February 2005".
Citigroup has been under pressure to break up its business since the stewardship of Charles O Prince with activist investors arguing that its model was inefficient.
News of the developments comes as Citigroup announces the sale of $6 billion in preferred shares to restore its balance sheet.
The sale was prompted by the bank suffering over $16 billion in write-downs and credit losses during the first quarter.
Citigroup has now raised $436 billion of capital since November in a bid to offset $45 billion of losses.