The two set to be charged as early as Wednesday are Javier Martin-Artajo, who Bruno Iksil, dubbed the London Whale, reported to at the U.S. bank, and Julien Grout, who reported to Iksil, the Journal reported.
Iksil reportedly made market bets that went sour, losing $6 billion in the spring of 2012.
His identity was revealed early as the story unfolded and many assumed Iksil, with his over-sized nickname, would held responsible for the financial debacle.
It has been reported Iksil had been cooperating with authorities and the more he cooperated the more likely charges against him would be tempered.
A source close to the situation has now told the Journal Iksil will not be prosecuted at all. The Journal said Tuesday Iksil has provided authorities with evidence that reflects on the bank's response to the losses as it became clearer how large they were.
The regulatory agency, the U.S. Commodity Future Trading Commission, has also agreed not to pursue civil charges against Iksil, the Journal reported.
The evidence Iksil has provided also shows he warned others at the bank about the enormous losses, said the Journal, crediting a source "close to the matter."
The legal concerns revolve around whether or not the bank employees knew the true value of the losses and had lied about it to make them appear as small as possible.
Lawyers representing Martin-Artajo said they were "confident" the evidence would favor their client. Grout had not released a statement, the Journal said.