The UK's largest commercial broadcaster and cable operator are offering £170m a year for half the games from 2007 to 2010, according to a letter leaked to The Guardian.
The pair said they were willing to offer 50% of the current rights fee in return for 50% of the live matches. Last year, Sky paid £341m a year for exclusive rights to 138 games.
If successful, the partnership will end Sky's 13-year monopoly on the football rights and significantly boost both broadcasters' profiles.
NTL, which recently merged with cable rival Telewest, will launch a paid-for subscription sports channel in direct competition with Sky Sports to air the matches.
ITV is likely to screen matches across its main channel and the soon-to-be launched, male-skewed channel ITV4.
However, the move depends on whether the European Commission rules that no single broadcaster can bid for more than 50% of the games.
Sky is threatening to pay considerably less if it loses the right to screen all the live matches because it fears subscriber take-up will dramatically slow if viewers are given the opportunity to watch Premiership matches on rival networks.
The EC is in favour of sharing the rights among different broadcasters whereas the Premier League is keen to make as much money as possible from the deal, even if that entails selling the exclusive rights package to Sky again.
The two sides are due to meet in Brussels next week to thrash out an agreement.
The Premier League will auction the 2007 to 2010 rights next spring.
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