Sprint Nextel Corporation (NYSE:S) could buy Clearwire Corporation (NASDAQ:CLWR), and shares of Clearwire are soaring on the news.

Clearwire Corporation (NASDAQ:CLWR) shares are up 15 percent in early afternoon trading after CNBC reported that Sprint Nextel Corporation (NYSE:S), which is currently the company’s largest shareholder, is considering buying it. Sprint currently owns 51 percent of Clearwire Corporation (NASDAQ:CLWR).

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CNBC cites an anonymous source who said Sprint Nextel Corporation (NYSE:S) has been unable to control some important decisions at Clearwire, so it’s considering closing the deal on the rest of the company. The report also said Sprint wants to purchase Clearwire so that it can gain complete ownership of the company’s wireless spectrum.

The Wall Street Journal speculates that the deal might not happen, because Japan’s Softbank Corp. recently acquired Sprint. Also it is possible that Clearwire’s other shareholders may not approve the deal. The other shareholders include Intel Corporation (NASDAQ:INTC), Comcast Corporation (NASDAQ:CMCSA) (NASDAQ:CMCSK) and Bright house, and CNBC also reports that Sprint has been negotiating individually with each of the company’s other shareholders in an attempt to purchase their shares for $3 each. However the public owns 488 million shares of Clearwater, and it’s unclear how much Sprint would offer for those shares.

If the deal does go forward, it is expected to be timed for the middle of next year, although the two companies do not seem to be in any rush to get a deal done. Reuters reports that Clearwire Corporation (NASDAQ:CLWR) has been trying to raise new financing because it could run out of money by the third quarter of next year.

Neither Sprint Nextel Corporation (NYSE:S) nor Clearwire have released comments on the possible deal.