The Times is owned by the Tribune Co., which is currently in bankruptcy.
News Corp. -- the largest news organization in the world -- owns Fox News, The Wall Street Journal, the Times of London, 20th Century Fox, Barrons, MarketWatch and many other other well known brands.
It is run by Chairman and Chief Executive Officer Rupert Murdoch.
Talks to buy the Times and the Tribune are in early stages, the Times said, citing sources it did not identify.
Other parties have also expressed interest in taking over the two newspapers, the report said.
The possible purchase would have to pass regulatory review and the Federal Communications Commission prohibits owners of television stations to own newspapers in the same market, as it reduces healthy business competition. This could derail the deal or force the companies to carve out a deal that would pass muster.
The Tribune Co. owns 23 television stations and nine of those overlap with media businesses run by News Corp.