Facebook is in talks on a potential $1 billion deal to buy the Israel-based GPS mobile navigation app Waze, The Wall Street Journal reported Thursday.

The report, citing unnamed sources, said the discussions were "serious" but that no deal had been finalized.

Waze, with more than 40 million users, could allow the world's biggest social network to expand its offerings in areas such as driving directions, or avoiding traffic jams or car accidents, noted AFP.

Waze describes itself as an app bringing together "the world's largest community of drivers who work together to fight traffic, and save time and gas money on their daily commute."

Facebook declined to comment on the report.

The Wall Street Journal said Facebook could use the app to expand its mobile offerings and get a foothold in the field of online maps.

If true, it would one of the biggest deals ever for Facebook, which last year took over Instagram in a stock deal initially pegged at $1 billion, but with a final value of $747 million due to the drop in Facebook shares.

In January, the internet was ablaze with rumors that technology giant Apple was about to purchase Waze.

Apple later denied that it was in talks to acquire the Israeli navigation application, saying all the talk about the acquisition was "fabricated" and that no talks had taken place.

In February, Waze was awarded “Best Overall Mobile App” at the 2013 Global Mobile Awards, beating out popular apps such as Dropbox, Flipboard and Square. 

(Arutz Sheva’s North American Desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Arutz Sheva articles, however, is Israeli time.)