NEW YORK (CNN/Money) - Publishing powerhouse Time Inc. and Wal-Mart reportedly have a deal that would give the retailer exclusive distribution rights to a new low-priced women's magazine, a report said Monday.

The New York Post, citing unidentified sources, said Time Inc. expects to launch the magazine later this year, saying that the Wal-Mart deal was among the last few issues that had to be finalized before the project was given the green light.

The report also said the agreement would mark the first time Time has put out a magazine exclusively to one retail outlet.

The magazine is expected to be priced at $1.99 a copy, the Post said, adding that the publisher is seeking to launch the magazine on a shoestring budget more akin to the British publishing style than a typical American style.

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The report quoted one source as saying that editors "are being told that they will have to answer their own phones" and that they won't have assistants.

A Wal-Mart (WMT: Research, Estimates) spokesman told CNN/Money that talks with Time had been "in the works" for a while, but would not confirm or deny the report. Time could not be reached for an immediate comment.

Time Inc. is a subsidiary of Time Warner (TWX: Research, Estimates), the parent company of CNN/Money.