The acquisition is said to come from the automaker's development arm, the Toyota Research Institute. Nikkei further reports Toyota Research Institute could close a deal on Google's Japanese robotics company, Schaft, and is using a $1 billion budget for both companies.
Tech Insider reported last week the "ink is nearly dry," suggesting the deal could be completed soon.
Toyota declined to comment.
Over the years, Boston Dynamics has garnered attention for its futuristic robots shown off in viral videos across the web. Some of its robots are capable of walking, and its "BigDog" project received funding from the US military.
The Boston Dynamics acquisition was originally seen as a way for Google to get ahead on futuristic tech, but it's been plagued with a failure to collaborate between Boston Dynamics and the broader company.