Mondelez wants to create a plant-based alternative amid a growing demand for vegan options.
The company is said to have been searching for a dairy free recipe for about two years and was due to launch its new product in January to tie in with Veganuary.
However, the group - which also owns Toblerone and Philadelphia cream cheese - has delayed the release in order to find more time to find a milk-less option also suitable for those with nut allergies.
A Mondelez spokesperson said: “We’re always listening to our consumers so we can develop and provide people with greater choice.
“This includes looking at a plant-based Cadbury Dairy Milk bar.
“However, we have no immediate plans to launch.
“We are only interested in launching a new vegan product that retains the texture and taste that our consumers expect and love.”
Dairy Milk bars are 115 years old, with the first bar made in a Birmingham factory in 1905.
Cadbury became famous for its purple wrapper and "glass half full" slogan, which it dropped in 2010 to comply with EU metric regulations.
The chocolate maker is no stranger to following a trend for healthier food, and last year brought out a version of its chocolate that included 30 per cent less sugar.
Vegan products are in such high demand that other food companies have been developing products over the past few years.
Greggs launched its vegan sausage roll to great acclaim and followed it by launching a vegan steak bake.
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Even KFC, who previously offered no vegetarian or vegan options have now put up an offering, launching their vegan burger under the slogan 'Fingerlickin' Vegan' at the beginning of January.