Facebook may be close to finalizing another $1 billion deal. According to several new reports spotted by TechCrunch, the social network is readying a $1 billion bid for the social traffic application Waze. Apparently the offer currently sits between $800 million and $1 billion, right around what Facebook paid for Instagram last year.

The mobile application allows drivers to alert one another of road conditions, traffic and much more and is a favorite among commuters. Facebook itself is trying to ramp up its mobile efforts, we saw that with the recent introduction of Facebook Home, and this could help it expand into an arena where it can provide a valuable real-time traffic service or mapping application.

Apple recently tried to buy Waze but was denied, possibly because the company was holding out for a better offer.

Waze denied the talks to TechCrunch and said that it won't speculate on rumors. Still, it certainly makes sense for Facebook to make an offer to Waze and we certainly wouldn't be surprised it it came to fruition.