Variety reported on Tuesday that the companies were “weeks into negotiations”. MGM is the studio behind the James Bond film franchise, as well as other legacy titles such as the Rocky movies and Legally Blonde.
A possible asking price of about $9bn has reportedly been discussed.
The New York Times, which also reported on the potential deal, citing three people briefed on the matter, noted it was still “unclear how much Amazon might be willing to spend”.
The deal would mark Amazon’s biggest foray into entertainment so far, along with its in-house streaming service Amazon Prime Video.
Variety reported in December last year that MGM was said to be exploring a sale. The studio’s extensive catalogue was said at the time to be a possible point of interest for companies looking to expand their streaming libraries.
In addition to its film properties, MGM also has a television arm, which has handled programmes such as The Handmaid’s Tale and the recent The Silence of the Lambs spinoff series Clarice.
The Independent has contacted representatives for MGM for more information. Amazon had no comment.