Google has been the subject of several antitrust probes in the EU surrounding its display advertisements, its Android operating system and its comparison shopping service.
The fine in this case would apply to Google's practices with comparison shopping. Google is accused of giving its own service an advantage over those offered by competitors, which means shoppers would be more inclined to buy from Google and its partners instead of third parties.
The Journal said the EU may fine Google as much as 10 percent of its annual revenue, which means the penalty could be as much as about $9 billion. Last year, CNBC reported that Google could face similar fines for each antitrust suit.
The EU's previous record antitrust fine against a company was 1.06 billion euros (about $1.18 billion) against Intel in 2009, the Journal said.
Google parent Alphabet did not immediately respond to CNBC's request for comment.