Snapchat is reported to be in talks with investors, including Alibaba Group, for financing that could value the company at $10 billion, according to Bloomberg.

Snapchat is an app that lets users send messages that disappear after a few seconds and provides tools that let users easily draw on photos.

Alibaba is a Chinese e-commerce giant and by some measures the world's biggest online commerce groups.

The company has already raised more than $100 million of financing from various investors.

The talks are ongoing and the terms of the funding may change, a source told Bloomberg.