Philip Morris International Inc. is in talks to buy rival Swedish Match in a deal that could value the European smokeless tobacco company at about $15 billion or more, the Wall Street Journal reported Monday.

The talks between the Marlboro maker and Swedish Match could yield a deal as soon as this week, the report added, although sources familiar with the matter cautioned the talks could still fall apart.

Swedish Match and Philip Morris did not immediately respond to Reuters' requests for comments.

Shares of Philip Morris turned positive and were up 1% at $99.90.