US trade journal Ad Age claims the new division is likely to be headed by George Janson, who is currently managing partner and director of print communications at Mediaedge:cia.
The three agencies form WPP's Group M, which is the biggest media buyer in the world. A merger of the US print divisions would deliver cost savings for WPP as well as potentially put it in a better position to negotiate with the biggest US publishers.
The downturn has hit US print media particularly hard, with a number of newspapers and magazines closing or dropping print editions to focus online.
Forecasts are for print ad revenues to continue to fall.