Microsoft Corp. (MSFT) is in discussions with Foursquare Labs Inc. about a potential investment in the social-media company, according to people with knowledge of the discussions.

The talks are at an advanced stage, said two of the people, who asked not to be identified because the information isn’t public. Foursquare is also meeting with other companies about an investment, and the talks with Microsoft may not lead to a deal, said another person with knowledge of the matter.