J.P. Morgan Chase is in talks to replace Goldman Sachs as the issuer of Apple's credit cards, The Wall Street Journal reported Tuesday.

Goldman Sachs and JPMorgan will need to agree on terms and conditions of the card transfer, as the two financial firms will need to agree on a transaction price for the existing card balances. Other negotiations include the consumer rewards program for the Apple Card.

Reports say the New York banks are in triangulated talks with Apple to shift management of Apple Card accounts--and their $17 billion in outstanding high-risk consumer debt.

Goldman has been scaling back its consumer banking operations

These include questions on whether JPMorgan would retain existing features of the Apple Card, and the price. The move of Apple came after Goldman Sachs veered away from its retail-banking strategy, thereby resulting in limited options left for the iPhone maker.