Consumer products giant

Procter & Gamble

(PG) - Get Report

is close to a deal to buy

Clairol

from

Bristol-Myers Squibb

(BMY) - Get Report

for $4.95 billion, according to

The Wall Street Journal

.

The newspaper reported Sunday evening in its online edition that an announcement could come as early as Monday. It also said P&G beat out Japan's

Kao

, which at one point was the frontrunner.

Clairol has the Herbal Essences brand of hair-care products.