The Wall Street Journal is reporting that Facebook is moving closer to an initial public stock offering that could value the company at more than $100 billion.

The newspaper said “people familiar with the matter” told a reporter late Monday that the company could go public in the second quarter of 2012. The sources said Facebook is looking into raising $10 billion in its IPO, dwarfing other technology companies initial offerings.

The company has been vague in the past about the timing of its inital public offering. A Facebook spokesman refused comment on the latest report.

The Wall Street Journal says Facebook is in talks with the U.S. Securities and Exchange Commission about filing for the IPO as early as this year.

Facebook has said it will exceed 500 private shareholders in 2011, forcing the company under U.S. law to file a public financial report by the end of April 2012.

The world’s largest social media network has more than 800 million users. The company’s 27-year-old CEO, Mark Zuckerberg, founded the company in his Harvard dorm room in 2004, before dropping out of the prestigious American university.