The project of creating a high-speed wireless Internet service for cell phones and laptop computers is valued at about $12 billion, The Washington Post (NYSE:WPO) reported.

Internet and telecommunications giants Google, Intel, Time Warner (NYSE:TWX) and Comcast are providing $3.2 billion to get the venture on its feet, the report said.

Sprint would own 51 percent of the business, which would be run by Clearwire's Chief Executive Officer Benjamin Wolff, the source said.

The new company will be called Clearwire and have its headquarters in Kirkland, Wash., the source said.

The companies may announce the deal this week, the Post reported.