J.M. Smucker is expected to seal a deal later this week to buy the Folgers coffee business from Procter & Gamble in an all-stock transaction, according to media reports.

The Wall Street Journal reported in its online edition late Tuesday, citing a source familiar with the matter, said the details aren't known, but the business could fetch a price of $2 billion or more, given Folger's annual sales of $1.6 billion.

The deal will nearly double the size of Smucker and propel it into the leading position in the coffee market, according to the Journal.

Cincinnati-based P&G had decided to sell Folgers, whose 2 percent to 3 percent annual sales growth lags that of the corporation, the Journal said.

Folgers, the nation's No. 1 ground coffee brand, has faced increased competition in recent years from Starbucks Corp. and other coffee-makers.

Smucker shares closed 71 cents higher at $53.75 and Procter & Gamble edged up 5 cents to $65.41.