The purchase will be counted toward the 15 million shares, up to a maximum of $500 million, Telus is allowed to buy under a share buyback announced last month.
Telus and the seller will negotiate the price of the shares, which will be at a discount to their price on the Toronto Stock Exchange at the time of purchase.
Telus shares closed flat at $34.72 on the TSX Friday.
In February, Telus got rid of its dual-class share structure, unifying common and non-voting stock. U.S. hedge fund Mason Capital challenged the plan, arguing the voting shares should have been given a higher value than non-voting shares.
At one time, the hedge fund was the largest shareholder in Telus, but has since reduced its stake.
In April, Telus completed a two-for-one stock split of its common shares.