But BusinessWeek reported that sources with knowledge of the situation said the price tag is believed to be $2 million to $5 million.
New York-based McGraw-Hill said the transaction is expected to close in this quarter.
McGraw-Hill put BusinessWeek up for sale in July in the middle of a precipitous decline in advertising revenue. There was speculation at the time that the title might simply be shut down.
Though it has a presence on the Web, radio and television, Bloomberg primarily transmits financial information through 300,000 proprietary terminals that are a mainstay in investment banks and financial firms worldwide. It also publishes a monthly magazine.