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The program would reportedly have perks that Amazon can't match and could be launched as soon as next month called Walmart+.
The work has been going on for the last 18 months, according to Recode.
The program is seen as rebranding of Walmart's existing Delivery Unlimited service which charges $98 a year for unlimited, same-day delivery of fresh groceries from the Walmart stores where the program is available.
Among the possible perks in the new service could be discounts at Walmart pharmacies or fuel at walmart gas stations.
A Walmart spokesperson confirmed to Recode the membership program and Walmart+ name were in development, but declined to provide any further details.
Amazon's Prime service has more than 150 million members worldwide, costing $119 per year. Amazon accounts for nearly 40 percent of all online sales in the U.S., according to eMarketer,
The goal for Walmart's program is to save customers time and money and keep them loyal to the Walmart brand either online or at brick-and-mortar locations.