Representatives from Fitbit and Google have so far declined to comment on the rumors.
However, Google does licenses its Wear operating system to companies such as Fossil, but still has not yet moved to create its own line of smartwatches. Google would likely have to pay much more than that figure though.
It's unclear if negotiations between Google and Fitbit will materialize a deal, said Reuters, whose sources asked not to be identified because the matter is confidential.
Shares of Fitbit were up almost a third-$1.32, or 30.6 percent-to $5.63 at market close Monday.
Industry analysts have noted that Fitbit's value may lie in its health data, as the company's devices now collect data such as number of steps taken, sleep duration and heart rate, from 27.3 million users.
San Francisco-based Fitbit played a formative role in the creation of the wearables market and continues to be one of the leading players to this day.
Google emerged in an earlier rumor as a possible buyer. Meanwhile, Fitbit has suffered from weaker-than-expected sales as of late.