Global investment firm Invesco is in talks to merge with State Street Corp's asset-management business, according to a report in the Wall Street Journal.

A deal isn't imminent, and the discussions might not result in an agreement, people familiar with the matter said.

It isn't clear what the terms of a potential deal would look like, but it would likely be one of the industry's biggest in recent memory, given State Street's asset-management unit manages nearly $4 trillion in assets as at 30 June 2021.

Reuters later cited source familiar with the matter saying the discussions between both the companies were at an early stage.

The news follows State Street's deal announcement last week to buy investment bank Brown Brothers Harriman & Co's (BBH) investor services business for $3.5bn.