"Facebook could file documents with the Securities and Exchange Commission as early as this coming Wednesday," the report quoted a person familiar with the matter as saying.
A filing next week is "just one scenario" Facebook executives are considering, it said, adding that executives are also looking at dates later than next week.
The IPO could be launched sometime between April and June.
The IPO, seen as the "defining moment for the latest web investing boom," could raise as much as $10 billion, pegging the value of the company at between $75 billion and $100 billion.
Started by Zuckerberg in his Harvard dorm, the popular social network currently has more than 800 million users and 3,000 employees.
The Journal said that several top Wall Street banks have been eyeing the role to lead the deal, which could yield them tens of millions of dollars in banker fees, potential new business and "bragging rights."
It said while Morgan Stanley would likely land the coveted "lead-left" spot on an IPO financial filing, Goldman Sachs could also be roped in to play a significant role.