(Reuters) -Verizon is in advanced talks to acquire Frontier Communications in a deal that would boost its fiber network and help it compete with rivals including AT&T, the Wall Street Journal reported on Wednesday.

An announcement could come this week if the deal talks do not hit any last-minute snags, the WSJ reported, citing people familiar with the matter.

The report did not provide details about the deal value, but Frontier was valued at nearly $7 billion as of last close.

Both Verizon and Frontier did not immediately respond to Reuters' requests for comment.

Frontier's shares were up 34% after the report, while Verizon's shares fell more than 3%.

(Reporting by Juby Babu in Mexico City; Editing by Janane Venkatraman and Maju Samuel)