There is also interest in the company from a large U.S. tech firm and a smaller wireless carrier, the newspaper said.
FreedomPop would be worth between $250 million and $450 million should an acquisition take place, the paper reported. An investment would value the company at closer to $200 million.
Spokeswomen for Sprint and FreedomPop declined to comment.
Sprint has long struggled in the shadows of Verizon and AT&T. It sought a merger with T-Mobile that would have given the third- and fourth-ranked wireless carriers a chance to challenge their bigger competitors, but that deal fell apart in August.
That same month, reports of a possible FreedomPop acquisition emerged. FreedomPop at the time told Bloomberg Businessweek it had received interest from two major wireless carriers and that the price was in the nine figures.
FreedomPop has always been friendly with Sprint, signing a deal in July 2012 to use the larger wireless carrier’s 4G LTE network.
Wednesday’s news comes as FreedomPop announced an international calling plan that gives smartphone users 100 minutes of free call time to 52 countries. The service is available to those with the company's smartphones or through its iOS and Android apps.
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