At least one other suitor is making a serious consideration for the collapsed lender, the report said.
SVB and First Citizens did not immediately respond to Reuters' request for comment outside of business hours.
Reuters reported earlier this week that the Federal Deposit Insurance Corp had asked banks interested in acquiring Silicon Valley Bank and Signature Bank to submit bids by March 17.
The auctions followed the FDIC taking over Silicon Valley Bank last Friday and Signature Bank on Sunday, as the collapses of the two U.S. mid-sized lenders whipsawed global financial markets over fears of a contagion.
This will be the FDIC's second attempt at selling SVB after a failed effort a week ago. The FDIC had retained investment bank Piper Sandler Cos (PIPR.N) to run a new auction, the sources said.