According to the Financial Times, the Dundee-based firm has tabled on offer of £25 million for the website, four years after ITV secured it for £170m.
The DC Thomson takeover is expected to be announced when the broadcaster releases its half-year earnings figures, which is thought to be imminent.
Friends Renuited has struggled to attract advertisers since the emergence of Facebook, Bebo and MySpace. The online service originally carried a subscription charge, but was forced to abolish this in order to compete with the free social networking sites.
DC Thomson already owns FindMyPast.com, and is hoping to acquire Friends Reunited in order to create the largest genealogy business in the UK.
The publisher has been releasing comic books since 1905. Its best known titles include Oor Wullie, The Broons, The Beano and The Dandy.