Google is close to agreeing a billion dollar deal to buy the popular navigation app Waze, according to reports this weekend.

The Globes business newspaper, in the start-up's home country of Israel, claimed that Google has beaten out competition from Facebook with an offer of around $1.3 billion (around UK£0.84, AUD$1.36).

Waze is a community-sourced app, with users uploading real-time traffic, accident, police presence and gas price information, while maps themselves are also edited by groups of users.

The company reportedly rejected a takeover offer from Apple to assist its Apple Maps platform, before Google and Facebook revealed their interest.

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It was thought that Facebook had a deal in place to buy the Waze back in May, but talks fell through according to recent reports.

If a deal is completed, it'll allow Google to boost its own market-leading turn-by-turn navigation services, while also eliminating one of its only real competitors.

So far Google has declined to comment on the reports, so we'll wait for the official word.

Via CNET