Microsoft is considering a purchase of Nook Media for $1 billion giving the company access to its e-readers, tablets and e-books, according to a report.

Citing internal documents, TechCrunch reports that Microsoft's plan would build on its $300 million investment in Nook in 2012 and take current co-owner Barnes & Noble out of the equation. TechCrunch also reports that Barnes & Noble had planned to phase out production of its Android-based tablets in 2014 and instead let others — including possibly Microsoft — produce Nook tablets.

Microsoft has already committed an additional $180 million investment in Nook to develop content for Windows 8-based tablets. Microsoft currently owns 16.8% of Nook, a separate entity that B&N spun off last October.

A deal for Nook would appear to suit both parties. B&N is reportedly interested in getting out of the hardware business while Microsoft is looking to give consumers more reasons to migrate to its so-far tepidly received Windows 8 OS and give the company a greater foothold in the online publishing business.

Reps from Microsoft and B&N could not be reached for comment on the report. B&N's stock was up more than 27% in pre-market trading on the news. Microsoft's stock was flat and seemingly unaffected.

Image via Getty, Scott Olson