In the move the BBC, which currently owns half of the business with Discovery, will have the right to buy out its US partner at a set price before the end of the week, according to The Telegraph.
While the BBC has explored taking full control of UKTV using cash raised in bond markets previously, complaints about the broadcaster expanding its advertising market and debt caps are said to have steered it away from the notion.
In the meantime the BBC is exploring a deal with ITV, which would see it immediately sell its purchased stake to the commercial broadcaster.
This is all in a bid to fight the impacts of tech companies such as Netflix and increase collaboration between UK broadcasters, according to The Telegraph.
The opportunity to seal the partnership will close in a fortnight, according to the report.
Collaboration between the broadcasters is becoming increasingly frequent as they attempt to fight the impact of tech domination in the entertainment industry. This month it was revealed that the BBC, Channel 4 and ITV are also considering a service launch to combat Netflix, commonly referred to as Kangaroo 2.