Talk about trying to transform a company: Nokia (NYSE: NOK) is in talks to buy navigation-software maker Navteq, reports WSJ, also noting that this would be its biggest acquisition ever, if it goes through. With a $7.61 billion market cap, Chicago-based Navteq’s service allows electronic mapping for in-vehicle navigation devices and for mobile-phone apps used for shopping, emergency services and advertising.

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Nokia CEO Olli-Pekka Kallasvuo has trying to steer the Finnish giant into a software and services company….on the services side it has bought Loudeye, Enpocket, Twango and other companies in an attempt to help in the content and marketing apps space. The company has an existing relationship with Navteq for phones…Nokia bought into the navigation industry last year when it bought German firm Gate5.

Navteq was founded in 1985 to build turn-by-turn navigation digitized maps. Since then, it has created digital maps in 69 countries across six continents, the story says. It has been seen as a takeover target since TomTom, the world’s top maker of car navigation devices, offered in July $2.55 billion for its only big rival Tele Atlas.