The news would be the latest in Google’s ascent into the interactive entertainment space, following the announcement of virtual worlds platform Lively.
Valve owns content distribution system Steam – the de facto PC games digital delivery service. It reached 15 million registered accounts in February.
Valve marketing boss Doug Lombardi said in an interview August that he would be ‘happy to discuss an acquisition’ with potential buyers.
An article in Forbes last month predicted that Google would soon move into traditional games publishing.
A Google spokesperson told MCV the firm "would not comment on rumour and speculation".