The wearable-device market might be about to shrink faster than your waistline.

Fitbit, a leader in the fitness-tracker market, is near a deal to acquire troubled smartwatch maker Pebble, according to a report late Wednesday by The Information (subscription required). A price target wasn't revealed, but The Information's sources say it is expected to be for "a small amount."

Fitbit representatives declined to comment on the report, while Pebble did not immediately respond to a request for comment.

Fitbit's interest in Pebble comes as the market for smartwatches is tanking. The number of smartwatches shipped during the third quarter declined 52 percent compared with the same July-to-September period last year, according to a report by IDC wearables analysts.

In February 2015, Pebble was a crowdfunding darling, raising more than $20 million for its Pebble Time smartwatch. The company reported hefty demand for its standard smartwatch and Pebble Steel watch.

But times have changed since it launched its first smartwatch in 2012. Pebble faces more competition from major players such as Apple, Samsung, LG, Motorola and Microsoft, among others. The climate apparently took its toll on Pebble, which in March announced it was laying off 25 percent of its workforce.

Pebble released its Pebble 2 in October, a smartwatch positioned as a fitness tracker. But CNET's Scott Stein found the Pebble 2's fitness tracking to be uneven, especially when it came to heart rate and workout tracking.

Correction, December 1, 9:38 a.m.: In an earlier version of this story, the name of the publication that reported the news was incorrect. It is The Information.