A CVS-Aetna deal may force Wal-Mart to buy Humana, according to an analyst reporting on the CNBC website.
Dr. Ana Gupte, a senior healthcare services analyst at Leerink Partners sees a natural connection between Wal-Mart and Humana as a reason the retail giant could acquire the insurer. Humana would steer members to Wal-Mart pharmacies for deals on prescription co-pays.
Walgreens, Cigna and Anthem also may be among those who are looking to strike a deal, according to Gupte.
She sees a potential deal for Humana going for more than $46 billion, saying a buyer would have to pay a "25 percent to 30 percent premium now."
CVS $66 billion deal with Aetna would be the largest ever in health insurance history.