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.
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