Gaming giant Electronic Arts has been looking closely at acquiring a leading social gaming company, Playfish, we and others have heard from multiple sources in the last couple weeks. However, we have since heard some new details about the valuation, and where the companies are at in the sale process.

Whether the deal goes through or not is significant for the still-young social gaming industry (if “industry” is even the right term at this point). A sale price would help put a valuation on many of Playfish’s rivals, and bring additional credibility to social gaming’s role within the larger gaming world.

EA has been doing due diligence on Playfish, we have heard from multiple sources, meaning it has been going through the company’s financial reports and other information to determine that it indeed does want to make the purchase. We do not know if the deal has fully closed yet. Our understanding is that Playfish has been in a “no shop” period, meaning it won’t talk other potential acquirers as EA completes its review. However, some sources have previously said that the deal may have already closed. We have also heard that Playfish’s banker is J.P. Morgan.

Neither company is speaking publicly about the deal.

> Continue reading over on Inside Social Games.