Charter has held talks with banks including Bank of America and Barclays about a multi-billion dollar debt package that would underpin an offer for Time Warner Cable, which has a market capitalization of nearly $35 billion, the people told the Journal. Another possible source of cash for a bid is sovereign wealth funds and wealthy individuals, the Journal reported. Arranging equity commitments from such parties could allow Charter to increase the cash component of the deal without taking on too much debt.

It isn't clear which banks ultimately might participate in any debt package or how much Charter would get from lenders. There also is no guarantee a Charter bid for Time Warner Cable will ultimately materialize, and the timing of any such move is unclear.

Charter is backed in the effort by Liberty Media (LMCA), its largest shareholder.