UPDATE: It's real. Google just released a press release, confirming that it has just sold Motorola for $2.91 billion.

"The acquisition of such an iconic brand, innovative product portfolio and incredibly talented global team will immediately make Lenovo a strong global competitor in smartphones. We will immediately have the opportunity to become a strong global player in the fast-growing mobile space,” said Yang Yuanqing, chairman and CEO of Lenovo, in the blog post. “We are confident that we can bring together the best of both companies to deliver products customers will love and a strong, growing business. Lenovo has a proven track record of successfully embracing and strengthening great brands – as we did with IBM’s Think brand – and smoothly and efficiently integrating companies around-the-world. I am confident we will be successful with this process, and that our companies will not only maintain our current momentum in the market, but also build a strong foundation for the future.”

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A deal is expected to be announced soon, but Reuters is reporting that Google is completing a deal to sell Motorola to the China-based electronics company Lenovo for $3 billion.

Google has owned Motorola since 2011, when it purchased the company for $12.5 billion. Motorola released its flagship phone, the Moto X, toward the end of last year. The phone received mixed reviews, but has picked up a following in recent months, largely thanks to its customizations features and Black Friday deals. It looks like Google is content with pulling the plug on the experiment, and is willing to take a huge loss to get the company off of its hands. It's worth nothing that while they may be selling the phone company for about $9 billion less than what they bought it for, it is also less than the $3.2 billion they paid to purchase Nest just a few weeks ago.

More details to come soon.