According to the New York Times (NYT), which cited unnamed sources familiar with the transaction, the deal with the financial services provider and the Russian telecoms firm values the business at $50 billion.
Goldman Sachs is also expected to raise a further $1.5 billion by creating a new investment fund for its investor-base.
The estimated value of the social networking platform now exceeds that of other large technology companies such as eBay or Yahoo!, the NYT reported.
A request for information regarding the investor fund is believed to have been sent to Goldman by the SEC as the regulator looks to assess whether the creation of the fund is an attempt to avoid making its financial results public.
News of Goldman Sachs investment in the website follows recent reports that the SEC is to investigate trading in privately held shares belonging to Internet firms such as Facebook and Twitter.
By Jim Ottewill