Nvidia CEO Jensen Huang. Photo credit: Nvidia Corporation

Chipmaker Nvidia, which was recently reported to be of interest in acquiring famed chip designer Arm, has now been reported [paywall] to be in “advanced” talks to acquire the company by Bloomberg. According to Bloomberg, Nvidia has initiated formal talks with Arm’s Japanese owner, SoftBank, and aims to reach a final deal in the “next few weeks”.

SoftBank coughed up $32 billion to acquire Arm in 2016 and will be presumably seeking a sizeable profit on its investment. This implies that an Nvidia deal for Arm would likely be one of the largest acquisitions, if not the largest ever, to be witnessed in the semiconductor industry. Nvidia looking to acquire Arm would also likely stir up regulatory scrutiny and probably opposition from hardware companies that utilize Arm’s technology.

SoftBank, Arm’s owner, has been offloading some prized assets as of recent as it seeks to pay down its sizeable debt load. As part of its efforts, the Japanese tech conglomerate has offloaded billions of dollars of its stakes in Chinese tech giant Alibaba and U.S. carrier T-Mobile. It wouldn’t be startling if Arm goes next.