Microsoft also approached other major online publishers about removing their sites from Google, the report said.
News Corp initiated the discussions with Microsoft, the report said, citing an unnamed person close to the talks. The person said discussions are in early stages.
The report comes two weeks after News Corp chairman Rupert Murdoch told Sky News Australia that he planned to block popular search engines including Google and Bing from listing content from his company's news websites in order to get readers to pay for online content.
The Financial Times report cites one unnamed website publisher that was also approached by Microsoft as saying the plan to pay for delisting from Google could place enormous value on content if they are paid for exclusive indexing. Murdoch has called for an end to search engine listings for his company's news content because search engines make money from his content through their advertising, while he does not get paid.
A deal between Microsoft and news websites could put Bing in a much better position to compete against Google, the report said.
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