It's believed Coca-Cola is interested in developing refreshments that are infused with cannabidiol, commonly referred to as CBD, the non-psychoactive chemical found in marijuana plants.
"No decisions have been made at this time", the beverage group said, adding that it would not comment on further speculation.
The Bloomberg report follows other deals between USA beverage companies and pot producers in Canada, where recreational use of marijuana becomes legal next month across the country, followed by consumable forms of the drug next year.
Constellation Brands, the maker of Corona beer, Svedka vodka and Casa Noble tequila, announced last month that it is investing an additional $4 billion in the Canadian cannabis company Canopy Growth.
The investment follows a deal past year in which Constellation acquired a almost 10 per cent stake in Canopy and the two companies agreed to collaborate on the development of cannabis-based drinks. The company last month said it would acquire the Costa Coffee chain for $5.1 billion.
Cannabidiol, a constituent of cannabis, can help ease inflammation, pain and cramping, but has no psychoactive effect.
Canada is an obvious major market for a new wave of commercially produced drinks, given that recreational cannabis use is set to be legalised on 17 October.
Coca-Cola's shares rose marginally in premarket trade on Monday. Should Coke move forward with the plans, it would likely supercharge efforts to thrust legal marijuana products into the mainstream, as the beverage giant is easily one of the world's most recognizable brands.
Aurora was up more than 15% in early trading Monday following the report.
"There is so much happening in this area right now and we think it has incredible potential", said Aurora spokesperson Heather MacGregor. It has been used to treat epilepsy and other maladies.
Aurora is Canada's third-largest pot company, with a market value of C$8.7 billion.