The Times claims that a new company could be created called '4 Worldwide', which would be run by Channel 4 with the BBC retaining a minority stake.
It would enable Channel 4's funding shortfall to be made up without having to resort to giving the broadcaster part of the £3.4bn licence fee.
BBC Worldwide is self-funding and returns its profits to the BBC. While both it and Channel 4 made revenues of more than £900m last year, its profits of £112.5m dwarfed Channel 4's £1.6m.
The BBC is likely to be opposed to the idea, which would involve the loss of commercial brands and operations such as the Radio Times and Top Gear magazines, overseas BBC TV channels and its recently acquired stake in the Lonely Planet travel guide company.
The corporation is today due to present its own plans for the future of public service broadcasting, which will include proposals for commercial partnerships with ITV, Channel 4 and other broadcasters.
John Whittingdale MP, the chairman of the culture, media and sport select committee, criticised the plan for its knock-on effect on the BBC's funding.
"This is essentially a plan aimed at taking public money surreptitiously, because it takes profits away from the BBC, and forces the licence fee to go up.
"Channel 4 is keen on it because it thinks that it would be difficult for it to justify taking public money directly."
In September, the same month Channel 4 announced 150 job cuts, it was reported that the BBC and its fellow state-owned channel were in early stage talks about a commercial alliance through BBC Worldwide.
The talks were said to have been "sanctioned at the highest levels of the BBC" and in the words of BBC sources are "proceeding well".
At the time there was little detail on the form that the partnership might take, but possibilities mooted included the BBC selling Channel 4's programmes abroad and taking a commission, and the BBC making international versions of Channel 4's hit shows using its own production facilities, with the pair sharing profits.
Essentially all those options involved BBC Worldwide. In September a BBC spokeswoman said: "BBC Worldwide is regularly talking to major players across the industry. However, we have nothing to announce."