Invesco Ltd. may pay about $2 billion to acquire Guggenheim Partners' retail funds business, The Wall Street Journal reported, citing "people familiar with the matter."

The two companies' talks include discussions of other options, including the potential sale of just Guggenheim Partners' platform of exchange-traded funds. But there is no certainty that the talks would lead to a transaction, according to the report.

Guggenheim Partners' retail mutual funds and exchange-traded funds hold about $65 billion in assets under management.