There's been lots of buzz with Sprint Nextel Corporation (NYSE: S) lately. And it's to be expected -- in light of the intense competition, heavy customer churn, and the ailing stock price. For example, there were rumors that Deutsche Telekom is mulling a buyout of Sprint. Another possibility is that the company will unwind its Nextel merger.

Such things may happen. But, in the meantime, it looks like there may be another mega deal. According to a piece in the Wall Street Journal [a paid publication], it looks like Sprint is about to announce a $12 billion joint venture with Clearwire Corporation (NASDAQ: CLWR). Some of the key investors would include Google, Inc. (NASDAQ: GOOG) and Intel Corporation (NASDAQ: INTC).

Essentially, the new entity will roll-out a massive footprint for high-speed wireless Net access. No doubt, such a thing would be a nice thing for Google -- which needs a stronger mobile strategy -- as well as Intel, which needs to sell more chips. In other words, it's ideal for a multi-billion dollar cash call.

As for Sprint, this deal looks like a must-have. In other words, it will provide a differentiator in the tough marketplace.

There are still some big-time risks. After all, coordinating a project among a variety of heavyweights is never easy to manage.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.