Couric may leave the network shortly after the new president is inaugurated early next year, the newspaper reported Wednesday.
Couric gave up her post at the "Today" morning program less than two years ago and took over the "CBS Evening News" anchor position long-held by veteran newsman Dan Rather.
Couric reportedly makes $15 million a year and her five-year contract isn't up until 2011.
However, the Journal said CBS executives are trying to cut costs and boost ratings for the show, which trails its rival ABC and NBC network newscasts.
CBS issued a statement denying the Journal's report and insisting, "We are very proud of the 'CBS Evening News,' particularly our political coverage, and we have no plans for any changes regarding Katie or the broadcast."