People familiar with the situation told Wall Street Journal that discussions between Humana and Cano are serious. Assuming talks don't break down, a deal could be agreed upon as soon as next week.

After the article, Cano Health shares closed almost 40% up, giving the company a market value of nearly $5 billion.

Cano Health operates primary care centers in California, Florida, Nevada, New Mexico, Texas, Illinois, New York, New Jersey, and Puerto Rico, mainly serving Medicare Advantage members. 

A deal could come during a time of heavy consolidation in health care. 

Price Action: CANO shares are up 3.96% at $8.67 during the premarket session on the last check Friday.

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