The report comes more than six months after former CBS CEO Les Moonves was ousted amid allegations of sexual misconduct. Moonves fought merger plans while he was at the helm.
Whether any deal does happen is still an open question.
It remains unclear if the two companies will actually merge, Fox Business reported, citing people with direct knowledge of the matter, and the timing of any deal is uncertain.
Until there is clarity over the future of the two companies it seems unlikely that a permanent replacement for Moonves will get named.
The family of media mogul Sumner Redstone owns controlling stakes in both companies.