Alphabet is reportedly interested in buying Fitbit

It would represent one of the biggest deals yet in the smartwatch world.

Fitbit is apparently quite serious about exploring a sale. Reuters sources said Alphabet has "made an offer" to buy Fitbit for an as yet undetermined amount. The insiders warned there was no guarantee the talks would lead to a deal, but the indication of interest is still huge by itself. We've reached out to Alphabet and Fitbit for comment, although they declined to comment to Reuters.

If Alphabet did snap up Fitbit, it could dramatically change the landscape for smartwatches. In spite of challenges, Fitbit is still one of the largest smartwatch makers on the planet -- this would quickly consolidate the market. It could also provide Google with expertise in a number of areas, including fitness tracking. This doesn't necessarily mean that you'll see Google make is own Fitbit-influenced smartwatches, but it could incorporate more fitness features into Wear OS.

A deal might be necessary for Fitbit. Although the Versa line has helped Fitbit's fortunes, the company is still struggling between its heavy dependence on basic fitness trackers and its gradual transition to services. It's bleeding cash, and things might only get worse as competitors like Apple and Samsung offer both more advanced and more affordable models. Alphabet may offer a lifeline to a team that would face uncertainty on its own.