A new report out of Bloomberg states that Google may be looking to buy the popular social navigation app Waze. Sales talks surrounding Waze have been around for several months, with previous rumors stating that Facebook was in negotiations to buy the company.

Sources say that Waze is seeking over $1 billion dollars from its buyer to purchase the 40 million user mapping program. It’s reported that a number of large tech companies, including Google, have started coming forward with offers since talks of Facebook buying the company went public. It seems that a bidding war could now be on the horizon, as more big names continue to join the fold.

Waze is reportedly still weighing its options, and that it may simply choose to seek another round of venture capital financing from investors.

It doesn’t sound like Google or any other company is close to signing a deal just yet; however, Waze would likely be a great acquisition for Google if it is able to lock to it up. Waze’s community features and user-generated map information could significantly help out Google, which is always trying to stay at the top of the mapping game.