The paper, citing unidentified people it said were familiar with the matter, said the two companies have been in "deep" talks for the past few weeks. Discussions are still at a sensitive stage, however, and could risk crumbling due to some last-minute issues, it said.
Nokia did not immediately return calls seeking comment.
"It makes a lot of sense," he said. "This is one of the areas that should become extremely important in the future. ... Nokia could very well build one of its core services around it."
Honko added that Chicago-based Navteq, which maintains digital maps and licenses them to global positioning systems and Web sites, is "the most significant player in its field."
A potential price tag could be as high as around EUR7 billion (US$10 billion), he said - something that would be Nokia's biggest acquisition to date.
Nokia shares fell 1.6 percent to EUR26.24 (US$37.21) in Helsinki, a drop Honko said could be attributed to investor worries that Nokia could be willing to pay too much for Navteq.
Putin's official spokesman Dmitry Peskov commented on remarks in the US media about failures in launching nuclear-capable missiles in Russia
More than 5.8 million people voted for Nicholas Maduro at the presidential election in Venezuela. This is more than a quarter of registered voters. Why did those people vote for the man, who, as Western media write, took Venezuela to the brink of collapse?
It has long been understood that the West has been trying to subject Russian borders to total control. We have not seen such activity even during the Cold War