Corporate phone system maker Avaya Inc. (NYSE: AV) is reportedly in talks about selling all, or part of the company to a private equity firm and other bidders.

The telecom communication equipment maker is in discussions with Silver Lake Partners about a leveraged buyout, according to the Wall Street Journal. It has spoken to rival Nortel Networks Corp. (NYSE: NT) as well.

Basking Ridge, N.J.-based Avaya currently has a market capitalization of more than $6.1 billion. Its equipment helps direct voice and data traffic to almost all of the largest corporations in the U.S.

Avaya has long been rumored to be a takeover target, given its small size relative to others in the industry, such as Cisco Systems Inc.

The talks intensified after Avaya cancelled an investor conference this weekend but did not disclose a reason for doing so.

A former division of Lucent Technologies and its predecessor firm AT&T, Avaya also has patents and equipment for transforming traditional phone and data systems into integrated Internet Protocol-based networks.

Shares of Avaya rallied $2.09, or $15.3 percent, to close at $15.76 on the New York Stock Exchange.