Facebook is in talks to acquire navigation app company Waze, according to reports originating from Israel publication Calcalist, with a price tag of $800 million to $1 billion mooted.

According to a Reuters report, due diligence is underway following talks which began six months ago.

Earlier this year it was reported that Apple was in talks with Waze, although this was swiftly rebutted.

At this point, it was said that Waze was looking for $750 million to sell up.

Apparently, Waze currently has 45 million users, with 1.5 million downloads made in March 2013 alone.

Waze won the Best Overall Mobile App at the 2013 Global Mobile Awards.