Facebook May File for IPO By Wednesday: Report

Facebook could file for its long-awaited initial public offering as early as Wednesday, the Wall Street Journal reported Friday.

The social-networking company is expected to pick Morgan Stanley (NYSE: MS - News) as the lead underwriter for the IPO,the Journal said. The Wall Street bank has been the most popular choice among internet IPOs in recent years.

The company is currently looking at a valuation of $75 billion to $100 billion, according to the report.

The impending IPO - expected to raise $10 billion - is a prized trophy for investment banks, set up a fierce competition on Wall Street, particularly between front-runners Morgan Stanley and Goldman Sachs (NYSE: GS - News).