According to the Financial Times, the new service will be owned by Discovery, with the BBC licensing its back catalogue of natural history content. This will include shows such as Blue Planet and Dynasties.
News of the service, which will probably be made available in all major markets with the exception of the UK and China, is likely to be announced in the next few weeks.
In the UK, the BBC hopes to build on the success of iPlayer, which had 3.6 billion streaming requests in 2018, with a new streaming service which it is developing with ITV. The service will feature programming from both broadcasters.