Even as news of Google’s acquisition of Agnilux is still making its way around the Web, another Google acquisition may be in the works, and this one would be pretty huge, according to a new report.  Google’s supposedly in talks to buy travel software specialist ITA Software for $1 billion.

A little background information: ITA Software has supplied technology to important companies like American Airlines, Bing, Continental Airlines, Kayak, Orbitz, Southwest Airlines, US Airways.  Also, it just so happens to count Sequoia Capital, which once helped fund Google, as an investor.

You can imagine how Google might be interested, then, and see that the search giant has something of an "in," as well.

So here’s the exact rumor: Bloomberg reported this morning, "Google Inc. is in talks to acquire ITA Software Inc., a maker of travel programs . . . three people familiar with the matter said. . . .  ITA Software, based in Cambridge, Massachusetts, may seek about $1 billion, said two of the people . . ."

And since Google admits that it had $26.5 billion in "cash, cash equivalents, and short-term marketable securities" as of March 31st, it’s perhaps quite plausible that the company would spend $1 billion to improve its travel-related offerings.