Dick's has been a top operator for years, and the company expects this deal to contribute to earnings in the first full year following its close.

Shares of Foot Locker surged after The Wall Street Journal reported that Dick's Sporting Goods is nearing a $2.3 billion deal to buy the sneaker retailer. Foot Locker's stock soared 70%, to $21.90, in after-hours trading. Through Wednesday's close, the stock has lost more than 40% of its value in the past year.