(Photo : Getty Images, Spencer Platt)

Verizon allegedly approached AOL about either acquiring it or forming a joint venture in an effort to enhance its digital advertising technology, Bloomberg Businessweek reports.

Although the New York City-based company did not receive a formal proposal, it is said to possess ideal programmatic advertising technology capabilities the telecommunication giant is interested in purchasing.

A sum of 2.3 million paying members and numerous media properties are at stake, the site adds.

Following news of the speculation, AOL shares boosted 12 percent to $50 in the latter hours of the day. None of the companies have made public announcements about the deal.

Verizon has also received attention for its recent Holiday advertising promotion, where a child is featured stomping on outdoor Christmas decorations.

Watch the full video here.

Verizon was founded in 1983 as the Bell Atlantic Corporation.