Social gaming company PopCap Games is in the process of being acquired for more than $1 billion, according to TechCrunch — though it is not clear who is looking to buy the company.

The most likely buyers for PopCap, which was planning an IPO for later this year, would be rival social gaming company Zynga and gaming giant Electronic Arts.

Zynga has been acquiring companies all over the place, with 14 acquisitions — including deals for companies such as Wonderland Software, DNA Games, MarketZero and Floodgate Entertainment — over the last year or so. The price for PopCap may seem a little steep given that the company has revenues in the $100-150 million range, but I’m sure that Zynga would love to get its hands on titles such as “Plants vs. Zombies” and “Bejeweled,” the latter of which is among the 10 most-played games on Facebook.

EA, meanwhile, could be a suitor for PopCap, but the $1 billion price tag might be too much for EA as the company’s market cap is $7.49 billion.

While the identity of the proposed buyer remains to be seen, I’m sure that more details will emerge in the very near future. Perhaps even Facebook or Renren — the network where the first social version of “Plants vs. Zombies” was launched — could be the buyer.