Amazon didn't immediately respond to GeekWire's request for comment on the report.
Amazon is working on a new DVR device for the streaming era that that would be a household's hub for the company's online video.
Users will be able to record live TV and stream the video to a smartphone or TV so it can be watched later.
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An Amazon-branded DVR with local storage would compete heavily against TiVo, the only large independent company dedicated to making hardware DVR products sold under its own name.
Bloomberg said Amazon's Lab126, the research and development center behind the Echo smart speaker and the rumored Project Vesta robot, is taking the lead role on Project Frank. Amazon's potential entry into new markets often has a significant effect on the share performance of affected companies.
There has been rumors of a possible Amazon DVR option for their Fire TVs. Fire TV streamers can already play live TV through the Amazon Channels service, but they don't work as DVRs.