Buzz that erupted earlier this week regarding a potential sale or break up of Legg Mason has been called into serious doubt by FBR Capital Markets analysts, according to Reuters report.

Telegraph reported Wednesday that Nelson Peltz is gearing up to build his stake in the asset manager and gain access to board seats -- perhaps even pushing for an eventual sale or break up of Legg Mason amid the process of consolidation that is sweeping the firm's sector.

"We have serious doubts as to the accuracy of the report and do not believe a sale or breakup of the company is imminent," Reuters quoted FBR analysts as saying in a note to clients.

"Furthermore, it does not appear as though Peltz owned enough shares on May 29 (date of record) to influence the board vote scheduled for July 28, if that was his intention," they added. 

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