The New York Stock Exchange will suspend trading in RadioShack and delist the stock.
Those surviving stores would continue under the Sprint branding, so RadioShack would essentially "cease to exist as a stand-alone retailer," according to Bloomberg.
According to Bloomberg's two unnamed sources, the struggling retailer and the wireless carrier have also discussed co-branding the storefronts.
These moves come amid a planned bankruptcy auction for RadioShack, according to the Wall Street Journal. The paper reported that hedge fund Standard General is in talks to be the lead bidder for the auction.
The hedge fund led a consortium that provided a rescue package to RadioShack in October.
—CNBC's Bob Pisani contributed to this report.