According to the New York Post, the two hip-hop entrepreneurs along with Harvey and Bob Weinstein attended a meeting at the cable giant's head offices in Philadelphia last week.
Comcast currently has a 50 percent stake in BET's leading competitor, TV ONE, but the outlet lacks an on urban on demand video channel.
The source also revealed that if the channel was to materialize, Hov and Diddy would function less as operators than as magnets to attract talent to the new channel.
In related news, Diddy will be heading out on a major European tour next month. The 20 night trek will kick off at the Spektrum in Oslo, Norway on March 12 and wrap up with a concert in the UK at the Nottingham Arena on April 2.
The tour will pass through Denmark, Germany, Switzerland, France and Ireland.