UPDATE 1-Finmeccanica in talks to buy DRS Technologies- WSJ

(Adds Finmeccanica declines comment, details, paragraph 3)

NEW YORK May 8 (Reuters) - Italian aerospace and defense company Finmeccanica (SIFI.MI) is in advanced talks to buy DRS Technologies Inc DRS.N, a New Jersey-based defense company, the Wall Street Journal said on Thursday, citing people familiar with the matter.

The Journal gave no details on terms but said the offer could be expected at a significant premium, likely more than 25 percent, to DRS's closing price. DRS's shares closed up 67 cents at $63.74 on the New York Stock Exchange on Wednesday.

Finmeccanica declined to comment. The Italian Treasury holds a nearly 34 percent stake in the firm.

DRS Technologies was not available immediately for comment. (Reporting by Aarthi Sivaraman; Editing by Stephen Weeks)