An AOL spokeswoman said the company does not comment on speculation, and said no deal had been announced. Quigo could not be reached by deadline.
The deal would build on an alliance Time Inc. made in June to have Quigo provide a customized version of its pay-per-click advertising service for the publisher’s Web properties.
The move would also be in line with the Time Warner unit’s strategy to aggressively grow its ad business and step further away from its heritage as a Web access business.
In the past six months, AOL has acquired Tacoda, Third Screen Media and Adtech, all advertising targeting, serving and technology providers.