Canadian publisher Thomson could announce a deal to buy Reuters Group for about 8.7 billion pounds (US$17.24 billion) in cash and stock as early as Tuesday, the Wall Street Journal reported on its Web site.
The news comes after the two companies said last week they were negotiating a deal that would create the world's biggest financial news and data company.
The Journal cited unnamed sources as saying the companies were confident that the combination will ultimately be approved by regulators.
The deal took shape under parameters outlined by the companies last week, the Journal said.
A Reuters spokesman declined to comment on the report.