According to reports, a deal would make it possible to slash a combined sales force by about half -- a move that would lead to job cuts. Although potential savings have been talked about internally, no figure has been disclosed.
The option is being considered by Channel 4 as a back-up plan if its much talked about joint venture with BBC Worldwide fails to happen.
News of the Channel 4 and Sky meetings was reported in The Times -- the paper is owned by News Corporation, which owns 39.1% of Sky.
The report said that talks are continuing, but added that while Sky was still keen on the prospect of a deal Channel 4, which has a funding gap of about £150m, is less enthusiastic.
News Corporation would be eager for such a deal to go ahead, as a combined sale would increase its might against rival ITV.
Ministers are mooting a number of solutions for Channel 4, including a merger with Five. C4 however retorted it would rather face its future alone than join forces with the channel.
The government is not thought to be involved at any level in the Channel 4/Sky talks, and is reported to have concerns about a possible deal, as it favours a merger of Channel 4 and BBC.
Channel 4 and BBC Worldwide, the corporation's commercial arm, would each take equal stakes in a joint venture.
Earlier this month, BBC Worldwide chief executive John Smith said a deal would generate a turnover of £800m and a profit of £200m, saving £100m.
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