Thousands of jobs at Microsoft may no longer exist in the near future. A new report from Bloomberg claims the Redmond-based giant is planning its largest round of layoffs in five years as it looks to integrate Nokia's handset unit.

According to unnamed sources familiar with the matter, Microsoft is planning to axe thousands of jobs in engineering, marketing and other areas that would overlap with existing positions in Nokia's handset division. Details of the process are still being hammered out, the people said.

If you recall, Microsoft purchased Nokia's devices and services unit late last year for around $7.2 billion. In addition to intellectual property, Microsoft also inherited around 30,000 employees as a result of the acquisition.

The publication tells us that cuts could come as soon as this week. If true, the number of employees that Microsoft lets go could surpass the 5,800 jobs that were eliminated back in 2009. That cut was the largest restructuring effort to date. As of June 5, Microsoft had 127,104 employees on its payroll.

A separate report from Nomura Securities analyst Rick Sherlund said Microsoft is planning to lay off five to 10 percent of its employees in an announcement that will come alongside its quarterly earnings report on July 22.

Microsoft declined to comment on the matter.

We'll certainly keep an eye on the situation and report back if Microsoft makes a move.