HONG KONG (CNNMoney)
The deal, valued at $130 billion, would give Verizon 100% control of Verizon Wireless if completed. Vodafone (VOD) currently owns 45% of the venture.
Vodafone cautioned that there is no guarantee that an agreement will be reached, but said that the deal would consist of a mixture of Verizon common stock and cash.
"A further announcement will be made as soon as practicable," the company said in a statement. A Verizon representative did not immediately respond to a request for comment.
If completed, it will be one of the largest deals in corporate history. Vodafone paid a record $180 billion for Germany's Mannesmann in 2000.
Verizon (VZ, Fortune 500) has expressed desire in controlling all of Verizon Wireless for years, but rumors that such a deal was about to get done have increased over the past few months.
Verizon Wireless is the most profitable U.S. wireless carrier, and Verizon wants total access to that firehose -- not just 55% of it.
The wireless business is the only reason the company is growing: Landlines are dying, and Verizon has stopped building out its FiOS Internet and television infrastructure.
Related story: Vodafone's $10 billion German takeover
It could help Vodafone ease its sizable debt burden. Joe Rundle, head of trading at ETX Capital in London estimated that the deal could save Vodafone $35 billion in taxes.
Vodafone also said the purchase would allow it to continue growing in the German market -- one of the few European mobile markets that is actually doing well.
The deal comes at a time of consolidation for the wireless industry. MetroPCS and T-Mobile (TMUS) recently completed their complex merger, and Softbank bought Sprint (S, Fortune 500) in July. 
First Published: September 2, 2013: 12:14 AM ET
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