Alphabet Inc. is currently in negotiations to acquire Wiz, a cloud security company, for $33 billion. The deal discussions, which were halted last summer after prolonged talks, are now being revived, according to sources familiar with the situation.

The potential deal, anticipated to be announced possibly on Tuesday, aims to enhance Alphabet's Google Cloud cybersecurity offerings and give it a significant marketing advantage in the competitive cloud landscape against key rivals like Amazon Web Services and Microsoft's Azure.

A representative from Wiz declined to provide a comment, while there was no response from Google to comment requests.

For Wiz, accepting the deal represents a change in direction, as the company rejected Alphabet's $23 billion bid last July in favor of staying independent and aiming for an IPO. Concerns over a lengthy regulatory approval process were among the factors that led Wiz and its investors to initially turn down the offer, with authorities in the US and Europe closely monitoring the tech industry due to its economic influence and market dominance.

CEO Assaf Rappaport, who previously described last year's offer as "humbling," is excited about the prospect of developing Wiz into a major independent player in the cybersecurity sector, competing with industry leaders like CrowdStrike Holdings Inc. and Palo Alto Networks.

Founded by Israelis and headquartered in New York, Wiz's investors include Sequoia Capital, Index Ventures, Insight Partners, and Cyberstarts. In a funding round last year, the company was valued at $12 billion.

The Wall Street Journal first reported on the resumed discussions.