The two are also in discussions about potentially expanding their current partnership that serves seniors, the report added. The report cautioned that such talks are preliminary, and there is no guarantee of a deal.
Shares of Walgreens were up less than 1 percent in trading after the market's close, while shares of Humana were unchanged.
The discussions are a sign of the disruption facing pharmacies and health insurance companies, as both industries face new pressures. Consumers can now get their household goods online and in convenience stores. The health-care industry is undergoing dramatic transformation amid regulatory scrutiny over rising costs.