Mobile and Sprint could announce their merger in October

John Legere T Mobile CEO

Sprint's stock was up 3.6% in pre-market trading, and T-Mobile shares climbed 1.3%.

Japan's SoftBank, which controls Sprint, would own a 40 percent-50 percent stake in the combined giant, with T-Mobile majority owner Deutsche Telekom holding a majority stake, Reuters said.

Sources said the deal term sheet is being finalized and both companies will carry out their own due diligence.

Wireless giants T-Mobile US and Sprint are nearing an agreement on terms of a mega-deal that would merge the two and create a company that could better compete with AT&T and Verizon. T-Mobile CEO John Legere would lead the combined company, according to Reuters.

Pakistan claims Indian Army killed six of its citizens in ceasefire violations
India today conveyed to Pakistan that its Army reserved the right to retaliate appropriately to any incident leading to loss of life of its troop.

The election of President Donald Trump coupled with the conclusion of the FCC's incentive auction several months ago has given rise to a flurry of speculation regarding potential M&A activity in the mobile market. Talks between the two companies have been off-and-on for years.

Among details Faber cited was that Sprint's majority owner, SoftBank Group (9984JP), wants to have a hand in shaping the combined company.

A separate report at CNBC is a bit less certain that a deal will be made. T-Mobile and Sprint have engaged in talks over the last four months about merging, Reuters reported.

T-Mobile has a market capitalization of $52 billion, while Sprint has market capitalization of $32 billion.

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