A new streamlined proposal is being discussed by both broadcasters. It is thought this could include parts of Channel 4's operations, such as ad sales, being incorporated into BBC Worldwide.
Channel 4 says it faces a funding gap of £150m from 2012 while BBC Worldwide has been slow to show interest.
Last month Lord Carter, the outgoing communications minister, used his Digital Britain report to urge both broadcasters to continue discussions.
BBC Worldwide chief executive John Smith told the Guardian newspaper he was frustrated that a deal had not been made earlier. ‘A couple of weeks ago we pitched an amended, smaller proposal taking away the things that were sticking points,' he said.
A month before Digital Britain was published, Smith told the House of Lords communications committee that the partnership would include BBC Worldwide's UK assets. This includes its 50% stake in the UKTV pay-TV channels business and its 60% stake in the DVD business 2Entertain.
The venture could also include the remaining 50% stake in UKTV held by Virgin Media, which BBC Worldwide is keen to acquire, and the 40% of 2Entertain owned by Woolworths.
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