(UP) and Norfolk Southern Corp., major grain shippers and two of the six Class I freight railroads in North America, confirmed they are in “advanced discussions” regarding a potential merger. “There can be no assurances as to whether an agreement for a transaction will be reached or as to the terms of any such transaction,

Union Pacific and Norfolk Southern could announce a tentative merger agreement as early as this week, according to a published report. Bloomberg cited sources familiar with the talks in its report on Friday.

Union Pacific, the largest U.S. railroad operator, could reach an agreement to acquire rival Norfolk Southern as soon as early next week, Bloomberg News reported on Friday, citing people familiar with the matter.