Update 05/06: The deal is back on, according to the Financial Times.

Twitter has been in talks with SoundCloud in its efforts to add a music service to its offering, the newspaper reports, citing “people familiar with the matter”.

Neither company has commented on the possible acquisition, but the FT is usually reliable when it comes to these deals, so we’ll keep a close eye on new developments.

Forget Twitter #music: this could be major.

Re/code reports that Twitter is looking to buy Soundcloud, according to people familiar with both companies. Acquiring Soundcloud would be Twitter’s most expensive purchase yet. Earlier this year, Soundcloud closed another round of funding for $60 million, leaving the streaming platform valued at $700 m, illion.

While Twitter pulled the plug on their #music app earlier this year, a March data survey reported that Soundcloud topped the list of music services mentioned on Twitter.

Update: The Wall Street Journal reports that while Twitter looked into acquiring Soundcloud, it eventually “chose to let the deadline for exclusivity on talks pass without coming to an agreement because ‘the numbers didn’t add up.'”