SiriusXM Satellite Radio is actively conducting talks with executives from Pandora regarding a potential acquisition according to multiple, independent reports.

Sources tell The New York Post that SiriusXM, which has had on-and-off interest in purchasing Pandora for the better part of a year now, recently revisited the idea and is attempting to hammer out the size of a potential offer.

One industry insider believes a bid of as much as $12 to $13 a share could be coming although others seem to think that's a bit too optimistic.

Greg Maffei, CEO of SiriusXM parent company Liberty Media, has previously said that he thinks Pandora is only worth $10 per share although he reportedly made an informal offer of around $15 a share early last year. As of writing, stock in the Internet radio company is trading at $9.19 a share.

Pandora earlier this year launched an on-demand streaming music service called Pandora Premium to better compete with rivals like Apple Music and Spotify. Those companies currently enjoy 20 million and 50 million paid subscribers, respectively.

The company revealed in its earnings report earlier this month that it had secured a $150 million investment from private equity investment fund KKR. In exchange for the cash, KKR is to receive preferred stock in Pandora and a seat on its board of directors.