Facebook and AOL are reportedly in discussions about a strategic alliance to improve their online advertising business.

The two companies have been in talks for a number of months that would allow Facebook to team with AOL in selling online advertisements, the New York Post said, citing three separate sources.

"Think of Tim Armstrong's former role running ad sales for Google and think of where Facebook needs help," said one source.

One option is AOL being named a "preferred media partner" to Facebook, a source said. "AOL brings a lot of content," said another source. "Facebook may not need it, but it won't hurt them to do a deal."

"We don't comment on market rumors," an AOL spokesman told the Post. Facebook also would not comment about a potential ad deal with AOL.

Facebook COO Sheryl Sandberg said recently that advertisers wanting to reach the site's 500 million users have increased spending by at least 10-fold in the past years.