Google is in talks to buy popular video-sharing site YouTube for about $1.6 billion, the Wall Street Journal reported Friday morning. The TechCrunch blog first reported the rumors earlier today.

“We do not comment on rumor or speculation,” a Google spokeswoman said. YouTube could not be reached for comment.

YouTube has been a magnet for acquisition speculation lately, following Viacom’s $200 million purchase of Atom Entertainment and Sony’s $65 million acquisition of Grouper this summer. With its 34 million unique monthly visitors and massive popularity, YouTube is considered be the crown jewel among video-sharing sites that big media companies are eyeing. CBS was rumored late last month to be interested in YouTube.

What’s more, YouTube CEO Chad Hurley spent time on the Google campus earlier this week attending the Google Partner Forum, a private event for Google partners and advertisers.

A venture capitalist who focuses on tech start-ups said that there’s a minor bidding war going on behind the scenes for YouTube among Google, Yahoo and others, with Google possibly trying to drive up the cost for Yahoo.