However, it is unclear whether Dell will be partially or completely taking over EMC.
In a seperate report, Reuters says that Dell was also talking to banks to finance an all-cash offer for the Hopkinton, Massachusetts-based company.
A potential deal could further strengthen Dell's presence among corporate clients at a time when Michael Dell has been trying to transform the company he founded in 1984 into a complete provider of enterprise computing services.
If the deal goes through, it will top Avago Technologies's $37 billion offer for Broadcom.
EMC has been struggling under pressure from activist investor and shareholder Elliott Management Corp, which wants the company to spin off its majority-owned VMware unit.
In September 2014, the Wall Street Journal reported that EMC was exploring options and had held talks with Dell and HP.