Google is expected to announce the acquisition of Meetroduction later this week, a source close to the transaction told internetnews.com.

Chicago-based Meetroduction launched the first version of Meetro, "location-aware social networking software," on Aug. 4. The idea of Meetro is to find people to hang out with in the physical world.

Google has been rumored to be developing instant messaging capabilities, along with its moves into creating a more portal-like experience via My Google, the personalized start page Google introduced in May. A Google spokesman declined to comment for this story.

Read more: internet.com