NEW YORK (CNN/Money) - WorldCom, mired in a $3.8 billion accounting scandal, is looking more likely to file for bankruptcy protection and a filing could come as soon as next week, sources familiar with the situation told CNN/Money.

The Wall Street Journal reported Friday that the filing could come as early as this weekend.

Clinton, Miss.-based WorldCom (WCOME: Research, Estimates) has arranged a $2 billion so-called debtor-in-possession loan, through Citigroup, J.P. Morgan and G.E. Capital, that would help it operate while in bankruptcy. However, the financing has not been finalized, a source said.

"As soon as they realize that they have to file for bankruptcy why wait?," the source said. "The sooner they get relief. It could come today, it could come tomorrow."

WorldCom has been teetering on the verge of bankruptcy since announcing last month that it had booked $3.8 billion in expenses incorrectly, inflating its pretax earnings.

Separately, WorldCom late Thursday clinched a deal with some of its lenders so they would not freeze a crucial $2.5 billion line of credit extended to the company in May. Under the deal, the banks that are suing WorldCom will drop their request for a restraining order for 70 days to block WorldCom from using the money. WorldCom agreed not to sell any of its wholly owned subsidiaries for 80 days.

After the 70 days pass, the lenders can resume their claims against WorldCom for the cash, a person familiar with the situation has told CNN/Money.

All 25 banks suing WorldCom signed off on the deal that was approved by Judge Jed Rakoff in a hearing Thursday.

"We got a good thing done today," said attorney Joseph Allerhand, who is representing WorldCom. "We hope we can get [WorldCom] out of the court room and into more productive proceeding."

A WorldCom bankruptcy would be the largest in U.S. history and dwarf that of Enron Corp., the Houston-based energy trader. Enron allegedly used thousands of off-the-book partnerships to hide nearly $1 billion in debt and inflate profits. Enron, the current bankruptcy champion, filed for Chapter 11 protection in December, ranking it at that time as the largest.

"WorldCom is going to be a monster," said Chris Stuttard, editor of Bankrutpcydata.com.

WorldCom had $103.9 billion in assets as of Dec. 31 while Enron had $63.1 billion in assets when it filed under Chapter 11 last year, Stuttard said.

The long-distance telephone company is incorporated in Delaware but based out of Clinton, Miss. But WorldCom will probably file for bankruptcy in New York since its law firm, Weil, Gotshal & Manges, is headquartered there, Stuttard said. WorldCom also has offices in New York.

"New York can certainly handle it and Delaware is full right now," Stuttard said.

At $103.9 billion, a WorldCom filing would be more than the total combined assets of all the public companies that filed for bankruptcy protection in the Southern District of New York last year, he said. Twenty-five companies, including Enron, went bankrupt in 2001, listing $102 billion in total assets.

In contrast, 68 companies filed for bankruptcy protection in Delaware in 2001, posting a total $78.8 billion, according to Bankruptcydata.com.

WorldCom declined comment.