Facebook. REUTERS

Facebook Inc (Nasdaq: FB) is reportedly set to make its next big acquisition, as the world’s biggest social network talks to buy Israeli mobile satellite navigation startup Waze.

According to the Israeli news publication Calcalist, Facebook has approached Waze and is now in advanced talks to ink a deal that will cost Facebook between $800 million and $1 billion, Calcalist reports.

Furthermore, TechCrunch, which cites a source with knowledge of the situation, is reporting that both sides have privately confirmed that the deal is happening, and that the pricing reported first by the Calcalist is accurate.

Waze uses satellite signals from members' smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info.

The two companies partnered in October 2012, when Waze released its updated version that allows users to share their drive with their Facebook friends. Waze also made an unexplained appearance in early April on a promo image for Facebook’s Android app site, called Facebook Home.

This would be Facebook's third acquisition in Israel, as it purchased Snaptu in 2011 for $70 million and Face.com in 2012 for $60 million. In the last year, Waze tripled its user base to 45 million and in March alone, 1.5 million users downloaded the free mobile navigation app, Calcalist said.