The report, citing people familiar with Schulze's thinking, sent Best Buy shares higher Tuesday afternoon. The stock closed up 5%.
Richard Schulze, 71, founded the company in 1966 and is its largest shareholder by far with a 20% stake. The second-largest holder, the mutual fund manager Fidelity Management & Research Co., has 6.9%.
Schulze said earlier this month that he was considering options for his stake.
The WSJ report reiterated that Schulze could still sell his stake. But it said his "preference" is to take the company private, although the process of finding potential buyout partners is in the early stages.
However, he resigned abruptly June 7 instead.
"There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today's customers and building pathways to the next generation of consumers," Schulze said in a statement on June 7. "Accordingly, I have shared my views with the Board and today informed them of my decision to resign as chairman and a director, effective immediately, in order to explore all available options for my ownership stake."
Best Buy and a spokesman for Schulze declined to comment.
Shares of Best Buy rose 86 cents, or 4.7%, to close at $19.37. The stock slipped 11 cents in after-hours trading. The stock is down about 21% since the beginning of the year.