(Reuters) - Network gear maker Brocade Communications Systems Inc is in advanced talks to sell itself, Bloomberg reported on Monday, citing people familiar with the matter.

Broadcom Ltd is one of the interested potential buyers and an acquisition of Brocade could be announced as soon as this week, according to the Bloomberg report. (http://bloom.bg/2f5pae9)

Brocade's shares were up 20.7 percent at $10.49 in afternoon trading. At Friday's close of $8.69, the company had a market capitalization of about $3.5 billion.

Brocade and Broadcom did not immediately respond to requests for comment.

(Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta)