The UK newspaper says the service would be largely built on library content but there would be some originals.
Both the BBC and ITV offer content on a 30-day catch-up basis, and NBCUniversal recently announced the launch of Hayu, a reality-programmed streaming service for the UK.
Crucially, NBCU controls the rights to Downtown Abbey, and the hit period drama would be a valuable addition to any new streaming service.
BBC Worldwide’s top titles include Doctor Who, Sherlock and Top Gear, while ITV Studios has Mr Selfridge and entertainment shows including Come Dine with Me.
The BBC also recently launched BBC Store, a download-to-own service that allows consumers to buy its shows.
Netflix, the SVOD leader in the UK, also buys content from BBC Worldwode, ITV Studios and the Hollywood studios, of whichNBCU is one.
The Guardian says the BBC-ITV-NBCU plans are at an ‘explore and evaluate’ stage.
ITV said it didn’t comment on speculation. A spokesperson for BBC Worldwide said: “There is always speculation about what we might or might not do on all sorts of things, but we never comment on such speculation.”