The terms of the negotiations were not immediately known. EMC has a market capitalization of about $50 billion (roughly Rs. 3,25,147 crores) as of Wednesday's close.
The deal could further strengthen the world's third largest personal computer maker's presence among corporate clients at a time when Michael Dell has been trying to transform the company he founded in 1984 into a complete provider of enterprise computing services such as Hewlett-Packard Co and IBM.
Dell spokesman David Flink declined to comment while EMC could not be reached for comment outside regular US business hours.
EMC has been struggling under pressure from activist investor and shareholder Elliott Management Corp, which wants the company to spin off its majority-owned VMware Inc unit.
In August, Re/code reported that EMC was contemplating a deal under which it would be acquired by VMware, which has a market cap of about $35 billion (roughly Rs. 2,27,603 crores).
The Wall Street Journal reported in September 2014 that EMC was exploring options and had held talks with Dell and HP.
© Thomson Reuters 2015