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Facebook Inc. is in talks with U.S. regulators over alleged privacy violations that could force the social-media giant to pay billions of dollars in a record-breaking settlement, according to two people familiar with the matter.

The U.S. Federal Trade Commission's consumer-protection staff and the company are in discussions that could lead to a resolution of the agency's investigation into whether Facebook violated a 2011 settlement with the FTC, said the people, who declined to be identified because the matter is confidential.

No settlement proposal has been presented to the agency's five commissioners, according to one of the people. The commissioners have the final say over any agreement reached with Facebook. It was unclear whether the two sides have discussed details of how much Facebook would have to pay to resolve the case. The Washington Post reported earlier that they are in discussions about a multi-billion-dollar fine.

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