In what will be every travel industry dealmaker’s wet dream come true, Uber has explored buying Expedia in recent weeks, according to a speculative report in FT this evening.

An Expedia spokesperson told Skift that the company isn’t commenting. No formal approach has been made to Expedia, and there are currently no active discussions.

Why it matters: This would be Uber’s largest acquisition to date, significantly expanding its ambitions beyond ride-hailing into travel bookings. It would also be something of a homecoming for Uber CEO Dara Khosrowshahi, who was Expedia Group’s CEO from 2005 to 2017 and has stayed a non-executive board director.

Behind the Scenes:

• Uber approached advisers in recent months to examine the feasibility of an Expedia deal, said the Financial Times, citing sources.

• Any approach would likely be “friendly,” with Khosrowshahi likely recusing himself from deal talks. Khosrowshahi is a protégé of Expedia’s executive chair Barry Diller.

• Uber has been expanding into train and flight bookings, food delivery, and logistics, as Khosrowshahi has previously told Skift.

Key Numbers:

? Uber market cap: $173 billion

? Expedia market cap: Just under $20 billion.

Expedia has had to lower forecasts at different points this year. In the first quarter, it noted a slower-than-anticipated recovery at Vrbo, its vacation-rental booking brand. In the second quarter, it pointed to a “challenging macro environment and a softening in travel demand.”

Executives have touted a tech migration plan to bring many of its brands onto one platform for more than a year. It’s now complete, but the benefits haven’t arrived yet.

One bright spot in the second quarter was the growth in booked room nights. Overall at Expedia Group, including Expedia.com, Hotels.com, Vrbo and other brands, booked room nights grew 10%, the fastest in more than a year and faster than growth at Airbnb and Booking Holdings.

Skift Power Rankings: Dara Khosrowshahi

He helped build Expedia. And now he’s trying to expand Uber from a ridesharing app into a booking platform for multiple types of travel.

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Travel Tech Sector Stock Index Performance Year-to-Date

What am I looking at? The performance of travel tech sector stocks within the ST200. The index includes companies publicly traded across global markets including online travel, booking, and travel tech companies.

The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more travel tech sector financial performance.