Grupo Modelo has a stock market value of about $23 billion, so the deal, which is expected to be concluded early this week, could cost Anheuser-Busch around $12 billion. Of course, talks could break down.

If it goes through, the deal will strengthen Anheuser-Busch Inbev's position as one of the biggest brewers in the world, adding Corona Extra to its already impressive stable of brews such as Budweiser and Stella Artois.

Grupo Modelo was started in 1925, and its beverages are imported to the U.S. and marketed through Constellation Brands (STZ). Last year, Grupo Modelo reported net income of $1.33 billion, up 18% from 2010, The Wall Street Journal reported.

The relationship between Anheuser-Busch and Grupo Modelo has been rocky since AB InBev's $52 billion acquisition of Anheuser-Busch in 2008, which created the world's largest beer maker by sales. The company then also inherited the 50% stake in Grupo Modelo.

After InBev's acquisition of Anheuser-Busch, Grupo Modelo claimed that AB had acted improperly by not consulting the Mexican company before the deal. However, an arbitration panel ruled in favor of the deal in 2010.

The Grupo Modelo deal is just the latest in a string of acquisitions for AB InBev. Earlier this year it agreed to acquire Cerveceria Nacional Dominicana for $2.5 billion.

AB InBev is not the only brewing company on the acquisition trail either, the Journal further reported. Molson Coors (TAP) agreed a deal to buy StarBev for $3.5 billion.

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