The carrier M&A rumor mill is again spinning at full speed. This time, according to the Wall Street Journal, Sprint(s s) is revisiting the idea of acquiring of T-Mobile(s tmus), something Sprint wasn’t in position to do before SoftBank took control of the company.

The Journal’s unnamed sources said Sprint is only weighing a bid and hasn’t decided whether the deal would meet the regulatory test. Since the Federal Communications Commission and the U.S. Department of Justice shot down AT&T-Mo(s t) in 2011, regulators have let big acquisitions through, such as T-Mobile’s acquisition of MetroPCS, but no one has attempted to combine any of the big four nationwide operators.

When asked about mobile consolidation in a recent interview with Gigaom, new FCC chair Tom Wheeler didn’t come out and say he wouldn’t tolerate any mergers among the top tier carriers, but he did make it…