The two sides would have come to an agreement on price in recent days, the FT said in an unsourced story on its website.
No one at Wellstream was available for comment on Sunday.
GE said in October Wellstream had rejected an approach it made which valued the company at 755 million pounds.
Wellstream makes flexible pipes used by oil companies in deep water, an area set for strong growth due to major finds in Brazil, where state-run oil firm Petrobras
Wellstream, whose main competitor in flexible pipe making is the French offshore engineering group Technip
(Reporting by Michel Rose; Editing by Diane Craft)