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Sprint preparing to bid for T-Mobile: Report

Sprint is mulling a possible bid for rival wireless provider T-Mobile, a move that could leave the U.S. wireless market dominated by three mega-companies, The Wall Street Journal reported Friday.

Sprint could launch a bid as early as the first half of next year, the report said citing people familiar with the matter.

The company is reportedly studying regulatory concerns before moving forward. Placing a bid despite regulators' concerns would be risky, and a bad reaction could put an end to the effort.

A deal between the third- and fourth-largest U.S. carriers could be worth more than $20 billion.

Sprint shares rose 10 percent in after-hours trading, while T-Mobile shares dipped 1.2 percent.

Sprint declined to comment to CNBC.

Click here to read the full report from The Wall Street Journal.

—CNBC's Ryan Ruggiero contributed to this article.