Universal is the world’s biggest music label and home to global stars Taylor Swift, Drake and Lady Gaga.
Vivendi had considered floating the profitable music division back in 2018, though felt it was too complex.
But its shareholders, including top investor Vincent Bollore, now want to list Universal within the next three years.
Chinese tech giant Tencent led a consortium which bought 10% of Universal last December in a deal that valued it at €30bn (£25bn).
The news of a planned stock market flotation of Universal comes hot on the heels of a similar announcement by its smaller rival Warner Music Group.
Last week, Warner, home to a host of stars including Ed Sheeran and Katy Perry, said it plans to sell shares in the US.