The world's top chipmaker plans to create a "virtual cable operator" that would offer media companies' TV channels in a bundle over the Internet, the WSJ said.
An Intel spokeswoman declined to comment on the story.
The product could use an Intel set-top box and Intel's name, and the chipmaker has told its potential partners it wants to start the service before the end of the year, the WSJ said.
In October, Intel wound down its efforts to make chips for digital "smart" TVs, although it continues to make chips for set-top boxes.
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At the same time, it formed the Intel Media business group, headed by former BBC executive Erik Huggers, aimed at promoting digital content on Intel-based platforms.