Alphabet Inc. is reportedly in discussions to acquire cloud-security firm Wiz Inc. for $33 billion, reigniting negotiations that were halted last summer following prolonged talks, according to sources familiar with the matter.

This potential deal, which could be announced as early as Tuesday, would mark Alphabet’s largest acquisition to date and may aid Google in narrowing the gap with Microsoft Corp. and Amazon.com Inc. in the fiercely competitive cloud-computing sector. Google’s cloud business has recently turned profitable after years of losses, although its sales growth has decelerated.

The terms of the deal are not yet finalized and could still undergo changes, or the discussions might conclude without an agreement. Representatives for both Wiz and Alphabet have declined to comment on the matter.

For Wiz, these renewed talks signify a shift from their previous stance, as the company had rejected Alphabet’s $23 billion offer in July, opting instead to remain independent and pursue an initial public offering. Wiz and its investors were concerned about the lengthy regulatory approval process, given the heightened scrutiny of the technology sector by competition authorities in the US and Europe.

Wiz CEO Assaf Rappaport had expressed enthusiasm about growing Wiz into an independent cybersecurity giant, competing against firms like CrowdStrike Holdings Inc. and Palo Alto Networks. Although the current US administration may present a more favorable environment for the deal, Alphabet’s offer could still face antitrust scrutiny. Google is already contending with several antitrust challenges, including accusations from the Department of Justice of maintaining an illegal monopoly in online search and another case concerning its digital advertising tools.

However, Google’s cloud business ranks third in the market behind Microsoft and Amazon, which might mitigate regulatory concerns about market concentration in the cloud sector.

Founded by Israelis and headquartered in New York, Wiz’s investors include Sequoia Capital, Index Ventures, Insight Partners, and Cyberstarts. The company was valued at $12 billion in a funding round last year. The renewed acquisition talks were first reported by the Wall Street Journal.