The two chiefs are reported to have met over the weekend at the Edinburgh International Television Festival to begin talks about the 10 digital channels that make up UKTV, a joint venture between the BBC and Telewest.
ITV already has ITV2 and is set to launch ITV3 in November. However, the network's overall ratings have slumped recently, primarily because its multichannel offering can not compete with Sky Network's 60 channels and the BBC's 14 channels.
By buying out the BBC's share in UKTV, the troubled network will be able to survive in the digital market after the analogue switch-off, which is expected to take place by 2012.
The review of BBC Worldwide's future is to be carried out by a panel chaired by BBC chief operating officer John Smith. If the entire business is sold, including its international licences division, which sells the rights to popular BBC shows like 'Absolutely Fabulous', it could raise more than £1bn for the corporation.
The BBC has come under increasing pressure to sell its non-core assets and, in July this year, announced it was selling its £2m technology arm to German technology company Siemens.
However, it is thought unlikely that the BBC will sell everything. Its magazine and licensing business bring in much needed revenue for the corporation.
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