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Seattle-based Amazon, which makes the popular Kindle electronic reader, is also expected to release a tablet to rival Apple Inc's iPad in coming weeks, the Journal reported.
Under the proposal for a digital media library, customers would pay an annual fee to access a library of content, the Journal reported, citing people familiar with the matter.
It is unclear how much traction the talks have received, the Journal reported, citing the people familiar with the matter.
Several unnamed publishing executives said they are not enthusiastic about the idea because it could lower the value of books and could strain their relationships with other retailers that sell their books, the newspaper reported.
An Amazon spokesperson was not immediately available for comment.
(Reporting by Nadia Damouni; Editing by Leslie Adler)