The charities declined to comment on whether they were considering collaborating with each other. Both organisations lost significant sums of strategic partner funding from the Office for Civil Society this year.
Mike Locke, head of policy at Volunteering England, said: "There are conversations going on across the sector about working closer together.
"Volunteering England is involved in some of those conversations. It would not be right for me to say any more at this moment."
A TimeBank spokeswoman said the loss of OCS funding meant it had to come up with "imaginative and resourceful solutions" to continue delivering its mentoring and volunteering projects.
"We therefore began to explore a number of collaborative partnerships with other volunteering charities, and we are continuing to do so," she said. "Until our discussions are more advanced, it would be misleading to refer to any particular charities."
TimeBank announced in May that it planned to shed 11 of its 34 staff after the OCS rejected its bid for £500,000 from its new strategic partners transition programme, which will end in 2014.
Volunteering England’s strategic partner funding fell this year from £1,655,700 to £500,000.