At the same time, it is planning to relaunch its women's magazine, You, with increased pagination next spring. Associated is also understood to be considering placing You on newsstands as a standalone title.
The initiative is led by The Mail on Sunday's managing director, Stephen Miron.
Night and Day, which also serves as The Mail's TV listings magazine, targeted male readers when it was launched in 1993. However, since then, it has evolved with an even split between male and female readers. The title is currently edited by Christena Appleyard.
Returning to a masculine readership will differentiate Night and Day from You, which is edited by Sue Peart. This title last underwent a revamp ten years ago, when it was designed to take on women's on-shelf magazines.
Claudine Collins, the press director at MediaCom, said: "The Mail on Sunday should make Night and Day more male-focused as it doesn't cater enough for the male reader. It has a fantastic product for women and it needs something for men and to attract advertisers."
She added: "There is no reason why it couldn't take You to newsstands if it upgrades its format and editorial."
The Mail on Sunday is the biggest-selling mid-market Sunday paper, with a circulation of almost 2.4 million.
Associated Newspapers announced last month that it had increased its advertising revenue by 8.5 per cent for the 11 months to the end of August.
Daily Mail & General Trust stated that display advertising was up across its four UK titles, Metro, the Evening Standard, the Daily Mail and The Mail on Sunday.
Associated was unavailable for comment as Campaign went to press.