Shares of Netflix leaped more than five percent on Wednesday over rumors that Amazon was on the verge of buying the company, reports CNN.

Netflix stock has plunged 18 percent this year over worry of increased competition from Blockbuster and Movie Gallery. The company lowered its full-year subscriber fee and revenue guidance, making it somewhat more appetizing.

"[Netflix's acquisition by Amazon] has been rumored over the past several years but we haven't heard it in a long time.  I don't think it's a valid rumor," said Analyst Edward Woo of Wedbush Morgan Securities.

It's questionable whether Amazon would have much use for Netflix. Already, Amazon has been bulking up its digital download business for movies and TV shows via its Unbox service.

Nonetheless, hope floats. Analyst Brian Bolan of Jackson Securities, said it wouldn't surprise him if Amazon were indeed "kicking the tires" about making an offer. But he also pointed out Netflix's recent struggles do not make it a prudent purchase.

Representatives at Amazon and Netflix were unavailable to discuss the matter.