That's according to the Wall Street Journal.
Sources say it was Facebook's second offer to the company this year. The first was for $1 billion.
The app allows users to send each other messages or photos that disappear after a few seconds.
Evan Speigel, the company's 23-year-old chief executive and co-founder, came up with the idea while he was student at Stanford.
So far, the service has not generated any revenue. But it is very popular among teens and young adults.
