Verizon has not made a formal proposal to AOL, and no agreement is imminent, Bloomberg said, citing people who asked not to be named.
A spokesman for Verizon declined to comment.
A joint venture, if formed, would focus on advertising technology, Bloomberg cited one of the people as saying.
Verizon (VZ) is seeking expertise in online content, mobile video and advertising, according to one of the Bloomberg sources.
The programmatic ads platform could be paired with a future online-video product, Bloomberg said, quoting two people familiar with the matter.