Saudi Aramco is considering Tokyo — instead of early favorites London and Hong Kong — as the international destination to list its shares, The Wall Street Journal reported on Thursday.

The initial public offering of Saudi Arabia's state oil giant's shares will take place over two stages: A flotation on the Saudi stock exchange later this year, followed by an international listing in 2020 or 2021, the Journal reported, citing advisors and officials familiar with the plans.

Aramco's IPO, when it goes ahead, is expected to be the world's largest.

The company had targeted to raise $100 billion through selling 5% of its share in the public markets, but it's not clear what the final amount will be, according to the report.