The rumored swap between Citigroup's asset management unit for Legg Mason's brokerage is close to happening, reports Bloomberg.

The deal, which is valued at $4 billion, would make Legg Mason the fifth largest asset manager with approximately $830 billion in assets. Citigroup would gain Legg Mason's 1,540-strong brokerage force, upping its brokerage to 13,800.

Additionally, people familiar with the talks tell Bloomberg that Citigroup would get a 15 to 20 percent share of Legg Mason, as well as $1 billion in cash.

The negotiations are reportedly down to Citigroup's cash and Legg Mason stake.  

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