Micron Technology is negotiating to acquire Japanese memory chipmaker Elpida, which had filed for bankruptcy protection in February.

If Micron, based in Boise, Idaho, acquires Elpida, Micron would become the second largest DRAM manufacturer with about 25 percent of the market share. The acquisition would position Micron right behind Samsung, the current leader in the global DRAM market.

Micron said Elpida had selected it to negotiate a deal following a bidding process. A private equity firm had also placed a bid and Korean DRAM maker Hynix was also interested in acquiring Elpida, but dropped out of the bidding process.

Elpida filed for bankruptcy protection after its revenue plummeted because of DRAM oversupply and falling prices. When it filed for bankruptcy, Elpida stated that it had $5.5 billion in debt.

The sale of Elpida will require the approval of a Japanese court and the company's creditors.