Citing sources it did not name, the newspaper said Saturday Zuckerberg is contributing tens of millions of dollars to the as yet unnamed group.
Joe Green, a former Harvard University roommate of Zuckerberg's, is helping organize the group, with help from Washington insider Rob Jesmer -- a former executive director of the National Republican Senatorial Committee, and Joe Lockhart, a press secretary for former President Bill Clinton who also worked at Facebook as the vice president of global communications.
Various executives of high-tech companies are also expected to participate.
Sources close to the discussion said the group will file for status as a not-for-profit organization and start with an operating budget of $50 million.
Among the items on the group's agenda will be immigration and education reform, as well as funding for scientific research, the Journal said.