According to a Wall Street Journal report, specifics of the more than $17.5 billion deal could be announced as soon as Thursday.
The NextEra deal fell through when Texas regulators blocked the takeover, saying it wouldn't be in the public's interest. Energy Future, formerly TXU Corporation, owns most of Texas-based Oncor.
The Berkshire Hathaway and Oncor deal would be the next step in one of the largest bankruptcy proceedings to date. Energy Future Holdings filed its $42 billion bankruptcy in 2014.
Berkshire Hathaway Energy and Oncor are not providing comments at this time.