U.S. tech giant Amazon is in talks to buy Israeli chipmaker Annapurna Labs for up to $370 million, financial newspaper Calcalist reported on Thursday.

The companies are in the final stages of negotiations, the Israeli paper said, adding that the proposal includes an agreement by Amazon to open a research and development center in Israel.

The Israeli start-up, which Calcalist said has raised several tens of millions of dollars in private funding, was not reachable for comment and Amazon declined to comment.

Annapurna Labs is owned by businessman Avigdor Willenz, the newspaper said, with other investors including British chip designer ARM and venture capital firm Walden International.