Sprint Nextel may soon be acquired by Softbank, according to a report from the Wall Street Journal, which says the Japanese carrier is in “advanced talks” to buy a “substantial stake” in Sprint Nextel in a deal that could exceed $12.8 billion.

The Journal cites “a person with knowledge of the negotiations” as the source of this info.

Reuters is also reporting the same news, quoting a Softbank spokesperson as saying that reports of the talks are “based on speculation”.

The Verge shares a statement from Sprint:

Sprint is currently engaged in discussions with Softbank regarding a potential substantial investment by Softbank in Sprint. Although there can be no assurances that these discussions will result in any transaction or on what terms any transaction may occur, such a transaction could involve a change of control of Sprint. Sprint does not intend to comment further unless and until an agreement is reached.

Based on the WSJ’s report, the deal would see Softbank with a 70% stake in Sprint Nextel, and the remainder of the company would be publicly traded.