SiTime (SITM) is in negotiations to acquire Renesas Electronics' timing business in a deal that could value the unit at as much as $2 billion including debt, Bloomberg reported Tuesday, citing people familiar with the situation.

The talks focus on the Renesas division that produces timing components that include clocks used to synchronize signals in wireless infrastructure, networking and data centers, the people told Bloomberg.

Negotiations remain ongoing and may not result in an agreement, the people said, adding that terms of the deal could shift, and another bidder could still emerge.

SiTime and Renesas Electronics didn't immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 299.09, Change: +11.98, Percent Change: +4.17