With all signs pointing toward the AT&T/T-Mobile (News - Alert) merger being dead in the water, the two companies are discussing an alternative option that could still provide AT&T with the wireless capacity that it demands, sources close to the situation told the Wall Street Journal. "Plan B" would involve creating a joint venture where both carriers have access to one another's infrastructure and network assets.

While the talks between AT&T and T-Mobile USA-owner Deutsche Telekom (News - Alert) are being described as preliminary, they do shed light on the internal skepticism over whether the $39 billion acquisition will get the green light.

The report caps off a headline-grabbing week in which AT&T (News - Alert) pulled their application with the FCC (News - Alert); set aside the $4 billion in fees that it would owe Deutsche Telekom if the agreement were to fall apart; and reportedly took part in negotiations with Leap Wireless over an asset transfer deal that could placate the Justice Department.

The details of the Plan B option are still murky, but analysts told the Journal that a deal could exist whereby AT&T gains access to T-Mobile's wireless spectrum – the chief the motivation of the deal – while Deutsche Telekom would continue to retain its subsidiary's subscribers.

While the sources called the plan a "back burner" option, they did say that the two companies could put greater effort into the initiative if the acquisition meets additional resistance.

So far, the opposition to the deal has been remarkable. Lawmakers, consumer interest groups and smaller carriers around the nation immediately spoke out against the deal, claiming that it would create a duopoly and lead to price increases and job losses.

The Justice Department then sued to block the deal based on antitrust grounds. The FCC joined the fight a few months later, noting that the merger would "substantially lessen competition and its accompanying innovation, investment and consumer price and service benefits."

The move prompted AT&T to withdraw their application with the FCC, although the carrier said that it only did so to concentrate its efforts on the Justice Department case, set to begin in February.

Deutsche Telekom responded to the Journal report early Thursday, saying that no Plan B is in place and that the two companies are pushing forward with the original plan.

Beecher Tuttle is a TMCnet contributor. He has extensive experience writing and editing for print publications and online news websites. He has specialized in a variety of industries, including health care technology, politics and education. To read more of his articles, please visit his columnist page.

Edited by Rich Steeves