Its report says talks have been going on for months, although it's by no means certain that an agreement will be reached. However, there's details on what it might involve:
"Under one alternative, contact information stored in Facebook would be integrated with the phone's address book: When users looked up a contact, they could see whether their Facebook friends were logged on, send them messages and post comments on their profile pages."
One sticking point might be who controls the user data relating to such features, while the WSJ suggests Nokia is still tempted by the idea of launching its own social network.
If a deal does get done, we're wondering if there are some exciting implications for N-Gage. Integrating Nokia's gaming service with, say, Facebook Connect so gamers could sign in with their Facebook IDs could be a huge benefit.
Nokia's N-Gage team is already using Facebook to market individual games, such as ONE and Reset Generation.