Negotiators for Verizon Communications Inc. and Vodafone Group PLC have agreed to a deal for the U.K. company's stake in their U.S. joint venture, people familiar with the matter said.

Vodafone confirmed late Sunday that the terms call for Verizon to pay $130 billion for Vodafone's 45% stake in Verizon Wireless. Vodafone said there was no certainty a deal would be reached.

The...