SoftBank Group Corp. is in early planning discussions to establish another fund that could be substantially larger than the Japanese conglomerate's US$93 billion Vision Fund, multiple sources told Recode.

"It's conceptual, but serious," one person close to the situation said.

Current backers of the Vision Fund, including the wealth funds of the United Arab Emirates and Saudi Arabia, could also invest in the second fund, the report said, adding that there are several other wealth funds from different countries eager to secure shares in U.S. tech companies that SoftBank could tap into.

Meanwhile, SoftBank is expected to reach an agreement with Uber Technologies Inc. on pricing terms for its investment in the U.S. ride hailing company within a week, Arianna Huffington, Uber board member, said at The Wall Street Journal's WSJD.Live technology conference.