HP could end up joining forces with Xerox, uniting two personal computing pioneers under one company.

On Wednesday, HP confirmed it had received an acquisition offer from Xerox after The Wall Street Journal first reported the news.

"We have had conversations with Xerox Holdings Corporation from time to time about a potential business combination," HP said in a statement. "We have considered, among other things, what would be required to merit a transaction. Most recently, we received a proposal transmitted yesterday."

HP made no mention of how much Xerox offered or whether it'll accept the deal. For now, the PC maker is merely saying: "We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye towards what is in the best interest of all our shareholders."

According to The Journal, the deal has all to do with Xerox's and HP's printer businesses. Merging them together could help the companies shed costs when demand for printed documents has been in decline. Reportedly, Xerox is mulling a cash-and-stock offer for the HP, which has a market value of about $27 billion.

If a merger occurs, it could spark further consolidation in the printer market, said UBS analyst Munjal Shah in a research note. "We think consolidation in the print industry makes sense given the overall pressures in the market," he added.

HP is also currently the second largest PC vendor in the market, right behind Lenovo. However, HP's revenue growth has generally remained flat on stagnant sales in the PC market. Back in 2011, the company spun off its enterprise business into Hewlett Packard Enterprise.