Yet more details have emerged regarding Dell Inc.’s possible takeover of EMC Corp. The latest leak from “people with knowledge of the matter” says Dell has approached a number of banks to try and put together the $40 billion it would need to finance a complete takeover of EMC.

Bloomberg says Dell is preparing to offer $27 a share to buy out EMC in its entirety. EMC shares were up $1.22 on the news, closing at $27.18 after trading yesterday.

Two of Bloomberg‘s sources said negotiations were at an advanced stage, and that the deal might be completed as soon as next week. Dell is said to have approached JPMorgan Chase & Co., Barclays Plc, Bank of America Corp., Credit Suisse Group AG and Deutsche Bank AG about providing finance for the deal, the sources said.

EMC’s market capitalization is currently around the $52 billion mark, which would mean Dell stumping up the extra $12 billion itself. While Dell has already been saddled with a large debt after becoming a private company in 2013, it’s believed it does have some cash lying around, most probably in offshore accounts and outside of the taxman’s clutches. In addition, the deal would see Dell would acquire EMC’s 80 percent stake in VMware, some of which would then be floated in order to raise more money.

If the deal does go ahead, it would not only keep Elliott Management Inc.’s investors happy but would also resolve the longstanding issue of EMC CEO Joe Tucci’s succession. Bloomberg says that Dell CEO Michael Dell would take over control of the combined entity.

Neither Dell nor EMC, nor any of the banks that are rumored to have been approached, were willing to comment on the speculation.

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