It seems to be happening.
The resulting company could be worth around $75 billion. The merger has been orchestrated by the two principals and Silver Lake, the private-equity firm that helped take Dell private in late 2013.
Current discussions point to a price of $33 per EMC share, plus another $7 per share related to VMware as a "tracking stock," sources tell Fortune. EMC shares closed trading Friday at $27.86, and were nearly $29 in the aftermarket on Sunday evening.
Elliott Management, the activist investor that has been pushing for changes at EMC, including the sale of EMC's stake in VMware(vmw), is not believed to have been in the room during last-minute discussions between the two sides. But, EMC's board, which was reportedly meeting Sunday to hammer out details, does include two Elliott-friendly directors.
In addition, Reuters reports that EMC is pushing for the inclusion of a 'go-shop' provision that would allow the storage giant to seek superior bids from other parties. That provision also would enable EMC to pay a lesser break-up fee to Dell if an alternate deal comes to fruition.
The goal is to take the resulting EMC entity private, sources said.
Neither EMC nor Dell has returned requests for comment.
Update, October 12, 2015: It's official.
And don't miss: A Dell-EMC deal could choke the debt market
This story was updated at 10:50 p.m. to reflect that the $33 per share purchase price includes about $7.00 related to a VMware tracking stock.