Looks like MetroPCS and T-Mobile USA are thinking of hooking up. T-Mobile and MetroPCS are allegedly in merger talks, according to Investor’s Business Daily. The transaction would see the combined company come under control of T-Mobile’s parent, Deutsche Telekom. AT&T was unsuccessful in its bid for T-Mobile, and Sprint had its eyes on MetroPCS but I guess couldn’t close the deal.

If the deal is approved, the two companies would be able to acquire spectrum from each other and have at least 42.8 million customers.

Will the Federal Communications Commission play spoiler? I don’t think so. This transaction gives the FCC an out for two reasons. First, approving the transaction will show that the FCC is willing to allow the market and not Don Quixote politics to allocate spectrum. Second, it takes the FCC off the hook for putting the number four wireless carrier in a position where it was considering saying auf wiedersehen to the American market.

Again, Sprint may be left without a date to the dance.

Bloomberg News reported last Friday that MetroPCS may be interested in purchasing subscribers and spectrum from AT&T and T-Mobile. Analysts are estimating that such a transaction may cost MetroPCS between $2 billion and $4 billion, according to Bloomberg.

To satisfy the U.S. Department of Justice, nothing short of an exact replica of T-Mobile would probably suffice since the Justice Department is concerned about the impact a total absorption of T-Mobile would have on competition in the wireless market.

On the other hand, such an arrangement may get the Justice Department, AT&T, and T-Mobile closer to a settlement.

Given that MetroPCS is a small, regional player, there should be no antitrust hurdles for the company to leap, but it, along with AT&T and T-Mobile, would have to petition the Federal Communications Commission for permission to make any necessary license transfers.