The deal would also include use of Microsoft's digital ad technologies, which it runs across its network of products, including its new search engine Bing, its suite of websites such as MSN, the Zune music player and Xbox gaming system.
The Wall Street Journal reports that Microsoft has pitched Razorfish to a number of companies in the past week, many who have expressed interest in extending a commercial relationship with the software manufacturer.
Microsoft put Razorfish up for sale two weeks ago, an agency with 2,000 employees and $400m in annual turnover.
The company acquired Razorfish as part of its $6bn takeover of digital marketing house aQuantive in 2007, although analysts assumed Microsoft would look to sell the digital agency sooner rather than later.
Microsoft has hired investment bank Morgan Stanley to shop the agency around, but relented that talks are in the preliminary stages, and a deal isn't likely to happen until October.