Google's parent company, Alphabet, made a bid to purchase Fitbit, a source confirmed with CNBC Oct. 28.
Terms of the deal were not disclosed. Reuters first reported the rumored deal.
After Alphabet reportedly made the offer, Fitbit's stock skyrocketed. By closing time, the wearable's company stock was up 30.5 percent, adding more than $330 million to its market cap.
With this deal, Alphabet would make itself a player in the wearable fitness tracking arena. Google and Alphabet have made strides to increase its presence in the healthcare space. Last year, Google hired former Danville, Pa.-based Geisinger CEO David Feinberg to consolidate is healthcare strategy.
Fitbit has been struggling to keep up with Apple when it comes to wearable fitness tracking devices. The company declined to comment to CNBC about the deal. Alphabet did not respond to CNBC's request for comment.