Google and Facebook are in talks to buy Twitter, according to reports, with figures being thrown around reaching a staggering $10 billion.

Executives at Facebook and Google have been engaged in discussions with Twitter for months, according to the Wall Street Journal.

Twitter is said to be valued at up to $10 billion but only recently agreed to advertising. Last year its revenue was £30million.

“What’s remarkable is the money that people familiar with the matter say frames the discussions with at least some potential suitors; an estimated valuation in the neighbourhood of $8 billion to $10 billion,” the paper said.

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There are reported to be other parties interested in the acquisition of Twitter. However it would be a strategic move for Google which is not currently a player on the social networking front.

For Facebook, buying Twitter would be the first major acquisition it had made since being founded by Mark Zuckerberg seven years ago.

Twitter has an estimated 190 million users worldwide and over 65 million tweets are sent out a day.

Any acquisition of the micro-blogging site is likely to raise concerns for users, who would prefer Twitter to remain independent.