Youtube set to acquire the largest on-line game streaming video platform, Twitch

Two online video titans are about to team-up. The Wall Street Journal is reporting that Google's YouTube is in negotiations to buy video game streaming service Twitch. The deal has been reached, with a price of $1 billion. The WSJ, though, contends talks are still in an early stage.

Should the deal go through, it would be a massive validation for Twitch, which has become the Internet's go-to spot to watch and broadcast live gameplay sessions in a mere three years.

Assuming that $1 billion price tag is correct, this would be the fifth largest acquisition in Google's history -- right below the company's 2006 purchase of YouTube for $1.65 billion -- underscoring the site's importance to Google.