The announcement is expected as soon as Tuesday, the Journal reported, citing people familiar with the matter.
The report said Amazon is dividing the headquarters evenly between New York's Long Island City neighborhood in the borough of Queens, and the Crystal City section of Arlington County, across the Potomac from Washington.
According to Reuters, Amazon will also be announcing a significant investment in one additional city. Other locations in addition to the two winning cities may also receive "major sites," the Journal reported.
Amazon said it did not have any comment when contacted by CNBC about the Journal report.
The New York Times reported this month that Long Island City was going to receive $180 million in new spending to boost infrastructure in preparation for the Amazon headquarters.
Amazon, which is based in Seattle, started looking for a second headquarters in September 2017 to house an additional 50,000 employees. The contest was narrowed to 20 finalist cities in January but recent reports emerged that the retailer would split the second headquarters between two locations.