The Canadian chain Hudson's Bay Co., which owns Saks Fifth Avenue and Lord & Taylor, is in discussions to buy Macy's, according to the Wall Street Journal.
Macy's, with corporate offices in Cincinnati and New York, saw its stock soar Friday morning upon hearing the news.
The Wall Street Journal report said, "Other details of the talks are unclear and it's far from guaranteed there will be any deal."
One option on the table involves a deal to also buy Macy's real estate.
Hudson's Bay Co. Spokesman Andrew Blecher told WVXU, "We do not comment on rumor or speculation."
Macy's also tells WVXU it "does not comment on rumors and speculation."
The Associated Press says, "The reported talks come as Macy's faces pressure to turn its business around after struggling with a string of quarters of sluggish sales and stiffer competition."
If it comes through, this would be the fifth deal Hudson's Bay has made since 2013. It was then when the Canadian retailer acquired Saks Fifth Avenue for $2.9 billion.