The two companies have held talks in the last few weeks but there is no certainty a deal will result. The talks aren't ongoing at the moment but could be revisited, sources told CNBC, which first reported on Monday that the two had held talks.

The media landscape has changed considerably in recent years as audiences shift to content on Facebook, Alphabet's Google, Amazon and Netflix. Competing effectively requires scale, something Disney has, but 21st Century Fox does not. A deal could include Fox's movie studios and television production outlets, leaving behind a news and sports-focused business.

Disney would be making the move as it establishes a direct-to-consumer entertainment streaming offering.