The Federal Communications Commission is prepared to approve Verizon Wireless' plan to buy airwaves from cable companies including Comcast Corp. (CMCSA) and Time Warner Cable Inc. (TWC) for about $3.9 billion, the Reuters news agency reported on its website Monday, citing two unnamed people with knowledge of the situation.

The company still has to convince the U.S. Justice Department that the possible deal between Verizon, the largest wireless company, and Comcast, the biggest cable company, won't lead to higher prices for consumers with less head-to-head competition, the report said, citing one of the sources.

"Obviously discussions remain ongoing, we're addressing concerns as they arise but all indications are that we will be closing on this as expected some time later this summer," Verizon spokesman Ed McFadden said in the report.

A Justice Department spokesman said the antitrust division was reviewing the transaction; the FCC declined to comment, the report said.