DWS Group is the asset management unit of Deutsche Bank.
The firms could announce a deal this week as discussions on the same are in final phases, the unnamed person told the publication.
With the planned deal, DWS Group seeks to transfer its capabilities from secondaries business to other areas, added the publication.
The asset management firm is also looking to expand its alternatives business that comprises real estate, infrastructure as well as private debt.
It has already recruited Paul Kelly from American investment firm Blackstone to lead its global alternatives business.
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Representatives of both Brookfield and DWS Group refused to provide any detail on the development.
DWS Group’s secondaries business raised an initial $550m fund around a year back.
Part of private equity sector, the secondaries market involves investors who are willing to get rid of private assets as well as fund managers looking to enhance ownership stakes or hold assets for extended duration.
In the first half of last year, the secondaries market recorded altogether $53bn in deal volumes.
Brookfield reportedly entered the secondaries market two years back through its real estate unit by introducing a $875m fund.
In November last year, Brookfield revealed its plan to open a new office in Riyadh in order to expand its business in Saudi Arabia.