googleUPDATE 6/11/13: Today, Google has announced that they have officially bought Waze, the social networking mapping software. The terms of the sale have not been disclosed yet. Waze will stay operating in Israel and as a separate company for now, but we can only imagine that it’ll be integrated into Google Maps at some point in the future.

Previous Rumor:

Today, the Globes business newspaper is reporting that Google is close to closing a $1.3 billion deal to buy the Israeli social mapping software Waze. Last month there were rumors that Facebook was in negotiations of buying Waze.

CNet has contacted both Google and Waze and is awaiting a response from them.

Waze was founded in 2007 and is used by 47 million people in 193 countries and creates maps based on the information from its users.