The international news agency is said to be in talks to buy the cable news network founded by Gore and his business partners seven years ago, The New York Times reported Wednesday.
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If the deal goes through, Al-Jazeera plans to launch an all-new network headquartered in New York, rather than broadcasting its existing English-language channel through Current TV.
The channel may be called Al Jazeera America and would put the news agency in direct competition with CNN and other networks.
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Up to 60 percent of programming would be produced in the United States, with the remainder coming from Al Jazeera English, the Times' Brian Stelter reported.
Going on air in 2005, Gore's Current TV has consistently suffered from poor ratings and confirmed several sales inquiries last year, The Verge reported.
Al Jazeera English launched in New York last year, but has faced resistance from cable operators in other parts of the country.