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However, HTC's virtual reality business (HTC Vive) would not be part of the deal.
The news led to HTC posting its lowest revenue in over a decade on Thursday.
HTC, now in a bad financial health, was once very popular in the US but has not done well for quite some time even after launching flagship devices.
If the deal materialises, it would be second such acquisition after Google's $12.5 billion buyout of Motorola in 2012.
The search giant later sold it off to Lenovo for $2.91 billion in 2014.