Zynga's valuation is growing by leaps and bounds.

The company is trying to secure $500 million in funding on a valuation of $10 billion, AllThingsD reported yesterday, citing unnamed sources. The publication said that Morgan Stanley, Fidelity Investments, T. Rowe Price, and previous investor Kleiner Perkins are involved in the funding round, which apparently is nearly complete.

The New York Times published a similar report yesterday, citing unnamed sources of its own that said Zynga is nearing a $10 billion valuation and a $500 million funding round. The publication's sources said Zynga is also preparing for an initial public offering next year.

Zynga did not immediately respond to CNET's request for comment.

Numbers have been flying around for quite some time about Zynga's valuation. In October, SharesPost, a site that evaluates the value of private companies, estimated Zynga's valuation at $5.51 billion. Earlier this week, The Wall Street Journal reported that Zynga was attempting to raise $250 million on a valuation of $7 billion to $9 billion.

Zynga, founded in January 2007, has been an unbridled success in the social-gaming space. The company currently offers its wildly popular FarmVille, CityVille, and Mafia Wars titles, among others, to users on Facebook and other social networks. Last month, CityVille reached over 100 million active users, easily besting Zynga's previous most-popular title, FarmVille, which had more than 57 million active users at the time.

According to Zynga's site, the company has over 215 million active users playing its games each month.