The potential cash-and-stock deal, which is in its final stages, could be worth 25 billion rupees ($338 million) and is likely to be signed in the next two weeks, the channel 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 ($568.03 million).
Amazon India and Future Retail did not immediately respond to requests seeking comment.
Reporting by Sharnya G in Bengaluru; Editing by Gopakumar Warrier