Japan's Fast Retailing is in talks to buy J. Crew, according to a report by the Wall Street Journal.

Fast Retailing, which is worth a stunning $36 billion, approached J. Crew this week, according to the report.

J. Crew is seeking as much as $5 billion in the deal, WSJ writes, citing sources close to the deal.

The companies are in early talks, and the negotiations might not advance, according to the report. The report also states that the company has enlisted Goldman Sachs for early IPO work.

In addition to Uniqlo, Fast Retailing owns brands like J Brand, Theory, and National Standard.

Uniqlo has said it wants to open more than 200 stores in every major U.S. city. The company is known for its affordable basics, and is already the dominant retailer in Asia.

J. Crew has more than 400 American stores. Private-equity firms TPG Capital and Leonard Green & Partners currently own the retailer.