Anthem (NYSE: ANTM) is near a deal to acquire Cigna Corp. (NYSE: CI) for more than $48 billion, the Wall Street Journal reported late Wednesday, citing people familiar with the matter.

Anthem is expected to pay about $187 a share for Cigna and a deal could be announced as soon as Thursday afternoon.

In June, Anthem submitted a non-binding proposal to acquire Cigna for $184 per share in cash and stock, which was rejected.

Earlier this month, Aetna (NYSE: AET) and Humana Inc. (NYSE: HUM) agreed to merge.