Dick's Sporting Goods was nearing a deal to buy rival footwear retailer Foot Locker for about $2.3 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Dick's Sporting Goods is reportedly nearing a $2.3 billion deal with Foot Locker, offering an 86.5% premium. The deal could be finalized by Thursday, impacting retail dynamics.

Dick’s Sporting Goods Inc. is in advanced talks to buy Foot Locker Inc., whose stock had dropped 41% this year amid the back-and-forth over tariffs, according to people familiar with the matter.