Facebook is in advanced talks to purchase Israel-based navigation app Waze. The deal is reported to be in the same $800 million to $1 billion range the social network paid for Instagram, and is seen as another opportunity to bolster their lineup of mobile offerings.

We've heard rumors of the social networking giant purchasing Waze previously, and we've even heard rumblings of Apple possibly purchasing the crowd-sourced navigation service. However, this report from Israel-based newspaper Calcalist (via TheNextWeb) is quite a bit more solid than previous rumors.

Both companies already have something of a partnership, with Waze allowing users to share their drives over Facebook, and the social network showing Waze prominently during the recent introduction of its Home launcher. Of course, working together and being one and the same are completely different things.

Calcalist's report claims that Facebook began discussions to purchase the navigation service about six months ago. It also says that a terms sheet has been signed, and due diligence is underway. This means the deal could be close to becoming a reality, as long as all of the final processes go smoothly.

This would not be Facebook's first acquisition in Israel. Just recently, the company acquired Face.com for $60 million and Snaptu for $70 million, although those were obviously quite a bit less expensive.

Only time will tell if this report ends up leading to an acquisition, but at this stage of the game, it seems likely. Waze's user base has grown to 45 million, which certainly makes it desirable for Facebook.