No final decision has been made and Match Group could decide to not proceed with a deal, the report noted.
Meet Group, which has been focusing on expanding its live-streaming platforms, has struggled to challenge the dominance of Match Group in the dating domain.
In December, Reuters had reported that German broadcaster ProSiebenSat.1 Media SE's PSMGn.DE e-commerce arm, NuCom Group, was exploring the acquisition of Meet Group.
Shares of Meet Group, whose primary apps include MeetMe, LOVOO, Skout, Tagged and Growlr, surged about 21% to $6.74 after the report, while Match Group shares rose 8.2%.
Match Group declined to comment on the report and Meet Group did not respond to requests for comment.
Reporting by Devbrat Saha; Editing by Vinay Dwivedi
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