Bloomberg put the price tag at about $50 billion.
The Journal reported that the two sides are discussing a deal that AT&T would pay for using a mix of cash and its stock.
Bloomberg reported that DirecTV management would still run the company as part of AT&T.
DirecTV shares closed at $87.16 Monday.
Lisa Tozzi is the global news director for BuzzFeed News and is based in New York.
Contact Lisa Tozzi at email@example.com.
Got a confidential tip? Submit it here.