The Times reported Monday the two companies, which have a history together, are expected to bid on a share of Universal that regulator in Europe ordered the company to sell in order to maintain competition in the industry.
In 2012, Universal bought EMI for $1.9 billion. But regulators said the sale could only proceed if EMI was trimmed down in size.
Universal is expected to put assets valued at $650 million up for sale.
Sony and BMG merged in 2004, then spit in 2008. Sources said this time around the companies would stay independent, but divide up the EMI assets between themselves if their bid is successful.
Several other companies are expected to bid on EMI assets, including Warner Music Group and MacAndrews & Forbes, the Times said.