The Financial Times reported on Wednesday that the two companies are "miles apart" on Deliveroo's valuation after months of talks.
People briefed on the discussions said a recent offer from Uber valued Deliveroo at less than $2 billion, a valuation it achieved in funds raised last year. Deliveroo, meanwhile, is reportedly set on a $4 billion valuation.
The FT's update on the deal follows a Sky News report over the weekend, which said Deliveroo is trying to raise between $350 million and $500 million for a valuation of between $3 billion and $4 billion.
A person familiar with the matter confirmed this to the FT, saying it's looking to raise $400 million at a $4 billion valuation.
It was first reported in September that Uber was in talks to buy Deliveroo, which was founded in 2013. Deliveroo is a direct competitor to Uber's delivery service Uber Eats, which has only been in the UK since 2016.
A Deliveroo spokesman told Business Insider: "This is just yet more speculation and Deliveroo does not comment on speculation." Business Insider contacted Uber for comment.
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