Sprint is reportedly abandoning its plans to acquire rival wireless carrier T-Mobile. The decision came in light of what would no doubt be stiff opposition from regulators according to people familiar with the situation as first reported by The Wall Street Journal.

The nation's third largest wireless carrier is also expected to replace longtime CEO Dan Hesse as early as today. Marcelo Claure, a billionaire entrepreneur and the CEO of Brightstar, will lead the company moving forward.

Combining T-Mobile and Sprint would have given the new owner more leverage to compete with rivals AT&T and Verizon, the top two wireless providers in the US. After AT&T's failed takeover bid of T-Mobile in 2011, however, it now seems that nobody is willing to take a risk with regulators.

T-Mobile, meanwhile, is said to have recently ended acquisition talks with French telecommunications provider Iliad after deeming the proposed $15 billion bid for control of the carrier wasn't strong enough.

If you haven't already noticed, T-Mobile majority owner Deutsche Telekom is looking to offload the business so they can focus on core products inside Europe.

On its own, T-Mobile has performed remarkably well under the guidance of John Legere. The outspoken CEO has breathed new life into the wireless industry with his Un-carrier initiative. Back in May, the carrier reported its best quarter ever as it added 2.4 million subscribers during the three month period. That's up from just 579,000 new signups during the year-ago quarter.