Announcement of the merger is expected Monday, according to the FoxSports.com story, but spokespersons from both organizations declined comment on the report.
It has also been reported that team owner George Gillett will preserve the Petty name in the new organization.
Petty Enterprises cars have run in NASCAR races since 1949, the first year races were held in what is now the Sprint Cup Series.
The merged teams are expected to field three full-time cars in the upcoming season: the No. 9 Dodge driven by Kasey Kahne; the No. 19 Dodge in which A.J. Allmendinger will replace Elliott Sadler, as reported this past week; and the No. 43 Dodge to be driven by Reed Sorenson.