Executives from the two companies, which are working with advisers, met last week to discuss a potential transaction, the source said, asking not to be identified because the conversations are private.
Samsung originally proposed a range of $13.35 to $15.49 per share, which is 38 to 68 percent more than BlackBerry's current trading price. BlackBerry shares are up more than 30 percent on the news of the possible acquisition.
Representatives from BlackBerry declined to comment, and Samsung could not be reached for comment. BlackBerry just recently unveiled the BlackBerry Classic for those who appreciate a physical QWERTY keyboard.
Update: BlackBerry has issued a press release denying any claims of Samsung approaching the company with an offer.
BlackBerry is aware of certain press reports published today with respect to a possible offer by Samsung to purchase BlackBerry. BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry. BlackBerry’s policy is not to comment on rumors or speculation, and accordingly it does not intend to comment further.