According to WSJ, Google will apply to bid for the 700 MHz spectrum in a January Federal Communications Commission auction. This confirms frequent speculations that Google is interested in the wireless spectrum, but some claim that they will bid low on purpose, not to actually win the bid but merely to put pressure on the FCC.
The reasoning behind this makes sense: if Google is interested in building their own mobile network, it might run into trouble with their current mobile partners: AT&T, as well as Sprint Nextel and T-Mobile. If they partner with one of these companies, they're sure to alienate other partners. We'll know more when and if the bid actually happens, and according to WSJ's sources, it should happen on Friday.
UPDATE (7:40am PST): Google has confirmed that they will be making a bid on their company blog.
[via WSJ]