The report comes in the wake of Comcast stepping away from a $45 billion acquisition of Time Warner Cable amid regulatory backlash. Charter could make a bid to Time Warner Cable "soon," Dow Jones said.
Time Warner Cable shares were trading 5 percent higher on Friday afternoon.
Charter's $10.4 billion deal to buy Brighthouse Networks—announced last month—was contingent on Comcast completing the Time Warner Cable acquisition.
Charter and Time Warner Cable did not immediately respond to requests for comment.
Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.