Editor James Harding has told staff of the plans to axe 100 editorial staff, who are employed both full time and on casual contracts.
The majority of the jobs to go will be among casual staff, sources told MediaWeek.
The Times has around 700 editorial staff. Those affected by the cuts will now enter a two-week consultation period.
Meanwhile, The Sunday Times editor John Witherow sent a letter to staff explaining that 20 editorial staff are at risk of redundancy, and part-time casual staff will be reduced by 30 per cent. Between 50 and 100 positions will be eliminated in total.
According to its latest accounts, Times Newspapers halved its pre-tax losses to £45m in the year ending 27 June 2010.