U.S. casino mogul Steve Wynn and developer Donald Trump are discussing a deal that reportedly involves property in Atlantic City, N.J.

Wynn wants to build a casino on the city's boardwalk, the Newark (N.J.) Star-Ledger reported Tuesday, and his preferred site includes 12 acres where the current Trump Plaza sits.

For his part, Trump is interested in building a residential tower in front of the Trump Taj Mahal. Also, investors in Trump's Atlantic City properties have urged him to diversify his casino holdings beyond the New Jersey site, a move that might be easier if he sells acreage to Wynn.

Any deal between the two businessmen might also include a swap for land that Wynn owns in Las Vegas, the newspaper reported, citing anonymous sources.