The deal means that NYTimes.com will publish up to 10 articles at a time from FT.com, and FT.com will publish a similar number from NYTimes.com. The content will carry the branding of the site which originated the story.
Further deals between the two companies are also possible, according to a Financial Times report.
Both companies have said they aim to reach profitability by late next year, and have been looking at ways to generate more revenue in the face of the online advertising slowdown.
They have both started developing "premium" fee-based services, which they plan to offer alongside free content.
The two companies have been forced to reduce staff in an attempt to cut costs. New York Times Digital -- which also operates the Boston Globe's website, boston.com, and newyorktoday.com -- was hit by redundancies in January this year, when about 69 employees lost their jobs, and FT.com laid off about 10% of its staff.