Israeli media reports say that the social media giant has been in talks with Waze, a Israel-based developer of a social GPS app that offer turn-by-turn navigation capabilities, for as long as six months. A potential deal to acquire the company could be worth between $800 million and $1 billion, Reuters notes.
Facebook is reportedly conducting due diligence prior to finalizing the terms for an acquisition. Wave has about 45 million users. Its mobile app was downloaded 1.5 million times in March.
Last year, Waze debuted a new feature that permitted users to share driving data with friends in a partnership with Facebook.
In early 2012, Facebook paid $1 billion to purchase photo-sharing app Instagram.
Shares of Facebook sank fractionally in Thursday pre-market trading.