MediaGuardian reports the talks, which have also involved NBC Universal, are for an archive service, though some original content might also be included.
The corporation has noted that streaming services such as Netflix have successfully extended the shelf life of a number of series.
Last November, BBC Worldwide launched BBC Store, a mix of recently broadcast and archive content, described as the most comprehensive collection of BBC programmes ever published. It followed the aborted launch of the Global iPlayer.
The BBC iPlayer itself is experimenting with original commissions and is also home to content created for the now online only BBC Three.
ITV is already revamping its online offer as viewer habits continue to evolve; in September in September 2015 the ITV Hub replaced ITV Player and itv.com the ITV Hub replaced ITV Player and itv.com. A new desktop PC service will merge ITV’s on demand pages and show websites.
An earlier attempt to fuse together the public broadcasters online offerings took place in 2007 with the announcement of Project Kangaroo that ultimately failed at the hands of the Competition Commission.
Without Channel 4 and Channel 5 on board such a project is unlikely to attract the attention of the authorities, though with YouView, Freeview and Freesat all with catch up offers, one could question how many PSB joint ventures are needed.