"They are looking to turn Nevada into a free cash flow machine and this is the easiest way to do it," one source told Reuters.
The Canadian miner is in the process of merging with African-focused Randgold Resources, with Barrick shareholders voting overwhelmingly in favour of the share-for-share transaction yesterday.
Meanwhile, Newmont produced 1.8 million ounces of gold in Nevada in 2017 and had processing capacity to benefit Barrick Nevada, which produced 2.3Moz or 43% of its owner's 2017 output, the wire service said.
The pair already have a joint venture at Turquoise Ridge in Nevada, which is 75% owned and operated by Barrick, with Newmont holding 25%.
They are also 50:50 owners of Kalgoorlie's Super Pit in Western Australia, although Barrick executive chairman John Thornton indicated recently the company was likely to put its stake up for sale.
Reuters reported annual savings from a combination of Newmont and Barrick's Nevada assets could reach up to US$300 million, according to analysts' estimates.
Barrick shares are down 4.79% year-to-date while Newmont's are down 13.67%.