Smarthouse claims that the deal covers streaming on Samsung's Blu-ray players, laptops, smart TVs and Galaxy smartphones and tablets.
The Blockbuster service will apparently launch in the UK and US in the first half of 2012, before expanding to Australia.
The report refers to comments by Paul Uniacke, the chief executive of the company that owns the rights to the Blockbuster brand in Australia, who is quoted as saying: "The Samsung deal is a brilliant deal."
It is thought that to facilitate the new service, Samsung intends to develop a new global billing platform that would allow users to sign up, then pay for various content as they consume it.
Neither Samsung nor Blockbuster has confirmed the deal.
Should the report prove true, Blockbuster would have stolen a march on Netflix and Amazon's LoveFilm by agreeing a wide-ranging distribution deal on Samsung devices.
The US firm has struggled to cope with the shift from physical DVD rentals to streaming but it recently secured a series of exclusive titles in a bid to tempt customers away from rivals.