GameStop Corp. is proposing to buy eBay Inc. for about $56 billion in cash and stock, the Wall Street Journal reported, citing GameStop Chief Executive Officer Ryan Cohen.

Cohen told the Journal he plans to offer $125 per share in cash and stock for the online retailer, or about a 20% premium to its Friday close. GameStop has built a roughly 5% stake and secured a commitment letter from TD Bank to provide about $20 billion of debt financing for a deal. The company is expected to make its offer public later on Sunday, the Journal said.