Investing.com -- Verizon is reportedly in talks to buy fiber provider Frontier Communications (OTC: FTRCQ) (NASDAQ: FYBR) as the telecoms giant looks to close the gap on rivals including AT&T (NYSE: T), the Wall Street Journal reported Wednesday, citing people familiar with the matter.

If the talks don’t hit any last-minute snags, confirmation of the deal could come as soon as this week, the sources told the Journal. With a market cap of over $7 billion, Frontier could fetch a sizable price tag.

Frontier Communications jumped 8%, while Verizon Communications Inc (NYSE: VZ) fell 2.7%.