A deal could be reached in weeks, Bloomberg reported, citing unnamed people familiar with the matter.
Symantec shares rose $4.90 to $27 in after-hours trading. Broadcom fell $12.08, or 4%, to $283.25.
A deal would follow Broadcom CEO Hock Tan's move last year to acquire CA Technologies, a move that followed his company's failed efforts to acquire Qualcomm Inc. (QCOM - Get Report) . That acquisition was blocked by President Donald Trump on national security concerns.
Elsewhere in the cyber security sector, stocks were mixed Tuesday.
Zscaler shares (ZS - Get Report) rose $2.35, or 3.07%, to $78.96. Splunk shares (SPLK - Get Report) rose $3.11, or 2.48%, to $128.44. And Cisco shares (CSCO - Get Report) rose $1.07, or 1.95%, to $55.81.
Among decliners, Carbonite shares (CARB - Get Report) fell 80 cents, or 3.05%, to $25.47. Carbon Black shares (CBLK - Get Report) fell 22 cents, or 1.29%, to $16.79. And FireEye shares (FEYE - Get Report) fell 19 cents, or 1.28%, to $14.70.
The ETFMG Prime Cyber Security ETF (HACK ) rose 17 cents, or 0.43%, to $40.10.
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