Since rumors of Apple acquiring Waze quickly fizzled out, Facebook is now reportedly in talks to acquire the navigation start-up for somewhere between $800 million and $1 billion. According to business daily Calcalist, Facebook and Waze started discussing the possibility about six months ago and a term sheet has already been signed.

Waze uses satellite signals from users’ smartphones, which generates maps and traffic data. This information is then shared with other users, providing real time traffic information. Waze also offers voice-guided turn-by-turn navigations, notifications for police traps, accidents, road hazards, and traffic jams.

Waze and Facebook first partnered in October of 2012 when Waze released a new updated version that lets users share their drive information with Facebook friends.

In the last year, Waze tripled the number of users it has to 45 million with 1.5 million signing up in March alone.

If this deal goes through, it’ll be Facebook’s third acquisition in Israel. In 2011, it bought Snaptu for $70 million and Face.com for $60 million in 2012.

Image Credit: BGR