The two are discussing in-show sponsorships, special cross promotions and possible product placements for around six clients, as part of an estimated $30m (£20.8m) TV airtime deal on UPN during the autumn season.
According to reports, it is believed the deal will include OMD clients such as McDonald's, Cingular Wireless, Gillette, Sony PlayStation, State Farm Mutual Automobile Insurance and Universal Pictures.
UPN is one of the smaller US TV networks, but new programme signings to the network give it increased clout. Earlier this year, UPN bought the rights to Buffy the Vampire Slayer and Roswell. It will also premier the new Star Trek series Enterprise.
One element of the deal yet to be confirmed could see McDonald's being written into The Hughleys. A meeting has yet to take place but McDonald's and OMD executives are reported to be planning to meet with the producers of The Hughleys to work out how this might happen.
Another deal could see wireless operator Cingular developing a cross-promotion deal with sitcom Girlfriends, while Sony PlayStation will team up with sci-fi drama Roswell. Gillette is being teamed up with Enterprise and will run billboards promoting the show.