Nvidia Corp. is close to reaching a deal to acquire Mellanox Technologies Ltd. for more than $7 billion in cash, with an announcement expected as early as March 11, Reuters reported, citing a person familiar with the matter.

Nvidia reportedly outbid Intel Corp. for Mellanox, Reuters added. The potential transaction would help reduce Nvidia's reliance on the video game industry by boosting its business of developing chips for data centers, the newswire said.