WWE and NBCU both declined comment on the negotiations, which are still underway.
Sporting News' Michael McCarthy reported in March that Fox was looking to acquire the rights for Raw and SmackDown Live, with Raw potentially airing on network television and SmackDown Live going to FS1.
A tweet from Matthew Belloni of The Hollywood Insider suggest that Raw will stay on the USA Network, but SmackDown Live is still up for grabs.
SmackDown Live has aired on USA Network since July 2016, and it has been under the NBCUniversal umbrella dating back to 2010, when it was on Syfy.
And if it is Raw on US and SmackDown on Fox broadcast television, the question then might become whether WWE decides to elevate SmackDown to being the unofficial "A" show.
If the Blue show was to be picked up by Fox, Smackdown could end up joining Fox's massive live sports empire, which currently also features the UFC (whose digital rights now belong to Disney via ESPN+,) Major League Baseball as well as the aforementioned NFL.
WWE's advertisement revenue from including a third hour in their broadcast of Raw has been acredited with increased revenue over the years. WWE has previously stated that their new television deal will be announced sometime between now and September.