The Seattle-based retailer has proposed a Web-based subscription service to several major media companies including General Electric Co's NBC Universal, Time Warner Inc and Viacom Inc, the newspaper said, citing people with knowledge of the proposal.
Amazon did not return calls seeking comment. CBS, Viacom Time Warner and NBC Universal declined to comment.
The news comes as more companies try to boost their online TV businesses. The new service would look to take on companies like Netflix Inc that allow paid subscribers to stream TV shows and rent movies.
CBS had talked to Amazon but there is no impending deal, a source familiar with the matter told Reuters.
Viacom had also met with Amazon, another source familiar with the matter told Reuters.
The Journal reported that in at least one version of Amazon's proposal, subscriptions could be bundled with its existing Amazon Prime service immediately giving the service a large number of built-in subscribers.
Prime is a service that offers members free two-day shipping on most Amazon purchases for $79 a year.
(Reporting by Dhanya Skariachan, Jennifer Saba and Yinka Adegoke; editing by Ilaina Jonas and Matthew Lewis)