If the deal goes through, it would be the biggest coup for E! in the cable channel's 15 year history, TV Week reported on its Web site Wednesday
Seacrest would anchor the daily "E! News," lead the network's awards coverage and produce original series targeting young, music-driven fans.
The deal is being worked out by Seacrest's reps at the William Morris Agency, but no one would comment on the report, TV Week said.
In addition to his "American Idol" duties, Seacrest is currently host of the syndicated radio show "America's Top 40," has his own morning show on Los Angeles radio station KIIS-FM and is executive producer and co-host of "Dick Clark's Rockin' Eve."
He recently cut a deal to be a guest host on CNN's "Larry King Live" and has his own clothing line, "The R Line."