Advanced Micro Devices Inc. is in advanced talks to buy rival chip maker Xilinx Inc in a deal that could be valued at more than $30 billion, the Wall Street Journal reported late Thursday, citing people familiar with the matter.

A deal, which could mark the latest big tie-up in the rapidly consolidating semiconductor industry, can come together as soon as next week, the newspaper reported.

AMD has seen a higher usage of its products recently, driven in part by an overall surge in chip demand due to a global shift to work from home, and market-share gains from larger rival Intel Corp.

A spokeswoman for Xilinx declined to Reuters request for comment, while AMD did not immediately respond.

San Jose, California-based Xilinx makes programmable chips used in data centers to speed up tasks such as artificial intelligence work and in 5G telecommunications base stations.

The company's business suffered a setback last year when key customer Huawei Technologies Ltd was blacklisted by U.S. officials, preventing it from buying chips from U.S. companies. Government officials have since added other China-based companies, including some Xilinx customers, to the list.