What do you do when you’ve got $8 billion burning a hole in your pocket? If you’re Microsoft, you head to the corner store and pick yourself up a Skype. A report says the software giant is on the verge of completing a mega-deal to turn itself into a more formidable player in online video communication.

Sources tell The Wall Street Journal the deal, which is close to happening but could still come undone, would be between $7 billion and $8 billion, but when you take Skype’s long-term debt into account, the figure could reach $8.5 billion.

The acquisition, which representatives from Microsoft and Skype declined to comment about, would be one of Microsoft’s largest ever. The story notes that the company has a reputation for overpaying for acquisitions, with some believing the $6 billion it paid to buy ad firm aQuantive Inc. was too much. It also came close to splurging $48 billion to take over Yahoo about three years ago, and that the company is now only worth only half that.

If you use Skype, what do you think about Microsoft taking over?

Microsoft Near Deal to Buy Skype for Nearly $8 Billion [The Wall Street Journal via Engadget]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.