Amazon.com is is working on a free streaming media service as an alternative to its Prime Instant Video subscription, the Wall Street Journal reported on Thursday. The WSJ cited people familiar with the matter and reported that Amazon's ad-supported streaming content service would be free to watch. That follows the recent $20 price bump to its Prime membership.

Amazon has not commented on the report, but plans to hold a press conference in New York on April 2, fueling speculation that it will unveil a streaming device, such as a set-top box, or a small plug-in device similar to Google's Chromcast or Roku's offering.

Update: Amazon.com on Friday said it has no plan to offer a free streaming TV service.