Shares of Texas Industries, valued at about $2 billion as of Thursday's close, rose as much as 13 percent in afternoon trading, to $77.40.
No deal value was mentioned, but the report said an agreement could be announced as early as next week.
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The deal could be an all-stock transaction, Bloomberg said, citing a source.
Texas Industries was not immediately available for comment, and Martin Marietta declined to comment.
Bloomberg reported last month that Texas Industries had put itself up for sale and was working with Citigroup to find a buyer.
Martin Marietta was trading down 3 percent, at $106.02, on the New York Stock Exchange.