Puzzle & Dragons developer GungHo Online wants to buy back the majority of its shares from Japanese mobile giant SoftBank, reports the Wall Street Journal. 

The deal would be worth around $685 million, and would see GungHo repurchase its own shares for 294 yen ($2.74) each. The WSJ suggests GungHo will kick off proceedings within 20 days of June 3. 

SoftBank became GungHo's majority shareholder in 2013, when it paid 25 billion yen ($265 million) to up its stake in the company to 58.5 percent. 

This is the second high-profile deal the Japanese firm is reportedly mulling over, and last week it was reported that the company wishes to offload its 73.2 percent stake in Clash of Clans developer, Supercell.