Liz Hoffman, Dana Mattioli and Joann Lublin write the companies could either reach an agreement or end talks within a week.
The potential value of the deal is approximately $50 billion based on EMC’s market capitalization, the report said.
EMC previously considered a downstream merger with VMware, which it owns an 80-percent stake in, amid pressure over the past year from investor Elliott Management Corp. to spin off VMware.
A buyout by Dell would be the largest takeover ever in the technology industry and would support the company’s transition to a corporate technology business from a consumer-facing one, the Journal reported.
The report said Dell and EMC began initial talks last year.