Sprint (NYSE: S) Nextel is seriously considering selling off its Nextel unit, people familiar with the situation are telling the WSJ. The rumors are surfacing now after Deutsche Telecom was rumored to be interested in buying Sprint Nextel. Now, it’s Cyren Call, a Virginia company founded by Nextel co-founder Morgan O’Brien, that is trying to assemble investors together to acquire Nextel as part of its long-term goal of creating a nationwide public safety communication network. In addition to a consortium of Cyren Call investors, Sprint is also looking at other offers from private equity firms, the article says. The WSJ says it perfectly—the Nextel sale would be “a dramatic acknowledgment” that Sprint’s $35 billion acquisition of Nextel Communications in 2005 was a failure.

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There are so many other moving parts in a deal of this magnitude. Clearwire (NSDQ: CLWR) is also coming close to formulating a deal with Sprint Nextel that may involve several other players including Intel (NSDQ: INTC), Google (NSDQ: GOOG), Comcast (NSDQ: CMCSA) and Time Warner (NYSE: TWX).