The sale price is $49.91 billion, or $70 a share, the report said. The deal will result in the world's largest beer maker by turning over ownership of what the Journal called an iconic American company to InBev.
Plans call for the new entity to be known as Anheuser-Busch InBev.
The development comes two days after The St. Louis Post-Dispatch reported InBev increased its bid to $70 a share in friendly takeover talks that followed an aggressive bid.
The Financial Times said as the takeover bid took on a friendlier tone Friday, shares in Anheuser-Busch increased 7.5 percent to a record $65.91.