It's unclear how much Verizon might get for Tumblr, a free service with more than 400 million blogs, the Journal noted.
Tumblr, which Verizon acquired via its acquisition of Yahoo in 2017, was bought by Yahoo in 2013 for about $1.1 billion.
Yahoo wrote down Tumblr's value by $230 million in 2016, according to the Journal.
One party interested in buying Tumblr is Pornhub. Corey Price, vice president of the porn-streaming giant, told BuzzFeed in an email that his company was extremely interested in buying Tumblr.