Hutchison, which owns the UK's 3 mobile network, is reported to be preparing to buy Formula One for about $1bn (£575m).
Hutchison is said to be keen to win over Bernie Ecclestone
Bernie Ecclestone, Formula One tycoon, confirmed on Sunday that he had been approached by the Hong Kong firm.
He told the Press Association: "One guy came to see me and I put him in touch with the people that own the shares - the (three) banks."
Hutchison could buy the banks' 75% stake in holding company Slec without his say-so, but it wants his support.
Hutchison's media unit, Tom Group, is reported to have met the three banks that own 75% of Slec, the ultimate holding company for the sport.
Tom is said to want Mr Ecclestone's approval, before making a bid, because of his influence over the sport. Mr Ecclestone also owns 25% of Slec.
But Mr Ecclestone told PA that he would not welcome a Hutchison deal and said: "Why do I want to change the shareholders we've got for shareholders we don't know?"
In March, the three banks that own Slec - JP Morgan, Bayerische Landesbank and Lehman Brothers - managed to gain a greater say over the running of the Formula One operating companies, giving them more control over commercial rights to the sport.
Previously, although the three owned a majority of Slec between them, Mr Ecclestone often had more influence in how the rights were managed.
A banking source quoted in the Sunday Telegraph said: "Hutchison... sees great potential for Formula One in Asia and it is now spending a lot of time cosying up to Bernie [Ecclestone].
"The banks are quite happy to sell out."