Vodafone Group has said it was in talks with Verizon Communications to sell its 45% stake in their US joint venture Verizon Wireless for what a Bloomberg report said would be about $130 billion.
Verizon is working with several banks to raise $10 billion from each to finance about $60 billion of the deal, two sources told Bloomberg.
An announcement could come as soon as 2 September.
It had been reported in April that Verizon had hired advisers for a possible $100 billion bid and was contemplating a roughly 50:50 cash and stock offer for the 45% stake in Verizon Wireless it does not already own.
At the time, most analysts said the roughly $100 billion figure contemplated by Verizon was too low and that the value of the Vodafone holding was nearer $120 billion.
The Wall Street Journal said significant shifts in financial markets, such as rising interest rates as well as changes in the US mobile phone business had brought the two sides closer together.
A Verizon spokesman declined to comment on the Bloomberg and Wall Street Journal reports.
Vodafone Chairman Gerard Kleisterlee said last month the company would seriously consider any offer for its stake in Verizon Wireless if it offered more value to investors than the current status quo.