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The technology, dubbed "Stamp," could be revealed as soon as next week and contain content from Vox Media, CNN, Mic, The Washington Post and Time, the Journal reported.
Stamp is a wordplay on Google's faster-loading "AMP" articles (the news stories that appear at the top of the page after a Google search), and the "st" in "stories," according to the Journal. The technology could potentially be very attractive to advertisers, thanks to Google's widespread mobile reach through Android and search.
"The success of the open source AMP project is down to the constant collaboration with publishers that involves working early on upcoming features. We don't have anything to announce at the moment but look forward to sharing more soon," a Google spokesperson told CNBC.
Snapchat's disappearing publisher content is in a section of the app called "Discover," where short bursts of media content are interspersed with advertisements. Users who come to the app for its messaging features can also interact with advertising through sponsored "lenses" or "geofilters" that superimpose animation over their images. But Snap's ability to push media content to younger users is a big value proposition of the app, with Snap sealing deals to carry content such as the Winter Olympics.
Both Snap and Google make the majority of their revenue from advertising, though Google is by far the dominant player as Snap struggles with additional competition from Facebook. The ephemeral feature of Snapchat is something Facebook has also mimicked with a feature called "Stories."
Snap shares fell sharply after the Wall Street Journal report was released, but remained positive for the day. The Journal report also comes on the heels of an unconfirmed Business Insider report that there were rumors Google was interested in buying Snapchat. Snap was not immediately available to comment.
Disclosure: CNBC parent NBCUniversal is an investor in Snap. CNBC parent NBCUniversal is an investor in Vox Media.
— CNBC's Josh Lipton contributed to this report.