The potential cash-and-stock deal, which is in its final stages, could be worth 25 billion rupees (257.1 million pounds) and is likely to be signed in the next two weeks, the channel here said.
Earlier this year, media reports said Amazon was in talks to buy a 10 percent stake in Future Retail, competing with tech giant Google (GOOGL.O) and Alibaba-backed (BABA.N) Paytm. Future Retail had denied the reports.
In September, Amazon, along with private equity firm Samara Capital, bought Aditya Birla Group-owned ‘More’ retail chain for an enterprise value of 42 billion rupees .
Amazon India and Future Retail did not immediately respond to requests seeking comment.
Reporting by Sharnya G in Bengaluru; Editing by Gopakumar Warrier