The portal is set to unveil details of the relaunch later this week, with the focus expected to be on content appealing to the UK public.
AOL has been busy acquiring companies of late. This month it acquired ad-targeting firm Quigo for $300m (£146m). It followed this with a takeover of question and answers service Yedda, which will become a wholly owned subsidiary.
Dana Dunne, chief executive of AOL Europe, last week insisted that AOL's spending spree is not yet over.