One of the biggest sponsorship deal in motor sport.
The Financial Times said the five year deal is worth "about $200m", making it "one of the biggest" in motor sport.
The report said Emirates would join Formula One's clutch of official sponsors, including UBS, Rolex, Tata and LG.
Emirates, who sponsored McLaren in 2006, would not comment.
Meanwhile, F1's new official timekeeper - Rolex - has signed up as title sponsor of the 2013 season opener in Melbourne.