EMC has invited reporters to a press conference today where it is expected to announce that it is buying out Cisco Systems’ share of their VCE joint venture.

The company is scheduled to report earnings today before stock markets open. However, EMC has also invited reporters to a separate conference call regarding a “new business development,” according to a Bloomberg report.

Sources told Bloomberg that EMC will announce it is acquiring Cisco’s 35% stake in VCE, a joint venture that also includes Intel. VCE makes data center systems that meld technology from those three companies, plus EMC’s VMware.

The VCE partnership has grown awkward over time as Cisco and VMware have become bigger rivals.

While the VCE partnership is expected to be the focus of today’s announcement, it’s worth noting that EMC has been the subject of other recent rumors. The company was reportedly in talks to be acquired by Hewlett-Packard, but those broke down.

And there has been pressure from some shareholders for EMC to spin off VMware. The push for such a move is part of a larger trend in Silicon Valley that has seen several big companies split up.