Citing a high-ranking executive, the report states that the elimination of the divisions is being considered. That change would allow all 15 teams in each league to vie for five playoff spots within each league.
The report also cites a source that claims the players' association is open to the consideration, but the plan has not yet been presented to the owners. In order for realignment to occur, 75 percent of the owners would need to approve it.
Rob Manfred, Major League Baseball executive vice president for labor relations, told MLB.com it is "not clear it is going anywhere."
"I'd still say the odds of it happening are less than 50-50," a source told ESPN.com.
Jesse Sanchez is a national reporter for MLB.com. Follow him on Twitter @JesseSanchezMLB. Barry M. Bloom contributed to this story. This story was not subject to the approval of Major League Baseball or its clubs.