By Orr Hirschauge 

TEL AVIV-- Amazon.com Inc. is in advanced talks to buy secretive Israeli chip designer Annapurna Labs Ltd. for $350 million, according to two people familiar with the matter.

The deal is expected to be completed soon, the people said, and the price could go as high as $375 million, depending on certain conditions.

Calcalist, an Israeli financial newspaper, published a report Thursday on the talks between the companies.

Based in Yoqneam, in Israel's north, Annapurna Labs was founded in 2011 by Avigdor Willenz, founder of the chip-design company Galileo Technologies Ltd. Marvel Technology Group Ltd. bought Galileo for $2.7 billion in 2000.

Originally funded by the founder and people related to him, Annapurna hasn't yet revealed the technology it is developing. The people familiar with the matter said Annapurna develops midrange networking chips for data centers, offering improvements over existing products in terms of information-transmission rates and power consumption.

Seattle-based Amazon, a global market leader in cloud services and online retailing, likely would use Annapurna's designs in its extensive data centers to lower operation costs.

Amazon declined to comment. Annapurna wasn't immediately available for comment.

Write to Orr Hirschauge at Orr.Hirschauge@wsj.com

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