The report is extremely thin, and very little detail is given except that the buying price is under $200 million and the buyer is "most likely" Google. Representatives from Plaxo said that the company does not comment on matters related to mergers and acquisitions.
It would make sense: Plaxo has been a loyal and vocal member of Google's OpenSocial initiative, and contact management is one thing that Google Apps really hasn't nailed yet. But Plaxo, like Digg, is one of those Silicon Valley properties that's constantly tossed about as an acquisition target. We've seen this one before. Move along, folks.