The outfits are desperate to get rid of struggling units to overhaul their operations and the pair are looking at some form of collaboration.
Any deal is mostly rumour and if true in the early stages. Tosh needs to raise capital after a $1.3 billion accounting scandal which has meant that the banks are not returning its calls. It has already agreed to sell its image sensor business and said it is considering splitting off part of its chip business.
Fujitsu, which announced in October that it intends to split off its PC division, said it is considering various options for the business.
The Nikkei Business Daily reported earlier that Toshiba, Fujitsu and Vaio which was spun off from Sony were considering a three way merger of their PC businesses.
The merged company would have just over 30 percent of the Japanese market, overtaking the current top-ranked NEC Lenovo Japan , which controls 26.3 percent, the Nikkei said without citing any source for its information.
A Vaio spokeswoman dismissed the Nikkei report as speculation, adding that the company was not in talks with anyone about its PC operations.