Both publications report that an announcement about combining the companies could come as early as this week.
Reuters, which first reported about the talks, says the companies have flirted with a deal in the past, citing talks that occurred in 2019. The news outlet says an announcement could come when Cedar Fair reports its earnings on Thursday.
Cedar Fair owns 11 amusement parks including Cedar Point, Canada's Wonderland, Kings Island, Knott's Berry Farm, and Michigan's Adventure.
Six Flags currently has 27 parks, including Six Flags Great America outside Chicago. They are currently building Six Flags Qiddiya in Saudi Arabia, which will be home to Falcon's Flight, a ride that is said to be the world's faster, tallest, and longest roller coaster, as well as the first to top 500 feet in height, once it is completed.