If the deal goes through, it will be a cash-and-share offer, Avast said. The company, however, added there was no certainty a deal will be agreed.
NortonLifeLock confirmed late on Wednesday that it was in discussion with Avast regarding a possible combination, without providing further details.
Avast makes free and premium security software for desktop and mobile devices under the Avast and AVG brands. It has a market capitalization of 5.20 billion pounds ($7.21 billion), according to Refinitiv data.
The deal would help Tempe, Arizona-based NortonLifeLock, which primarily deals with consumer cyber safety, expand its focus to consumer software.
NortonLifeLock was previously known as Symantec Corp, before it sold its enterprise-security business to Broadcom in 2019. It currently sells Norton antivirus software and LifeLock identity-theft-protection products for home and work use.
Shares of NortonLifeLock fell as much as 4% after the Wall Street Journal first reported NortonLifeLock plans to buy Avast. Shares of the company were flat in trading after the bell.