NEW YORK (CNN/Money) - The two former executives of WorldCom who surrendered to federal prosecutors Thursday have entered into plea negotiations with prosecutors that could avoid costly litigation, a person familiar with the situation told CNNfn.

However, the two sides are not near clinching a deal that could give prosecutors more information to charge others involved with the WorldCom scandal, including the company's former CEO, Bernard Ebbers, the person said.

Prosecutors charged WorldCom's former chief financial officer, Scott Sullivan, and its former controller, David Myers, with securities fraud Thursday for allegedly hiding close to $4 billion in expenses to make the company look profitable.

A second wave of charges may come weeks from now, which might involve Ebbers, but most likely will not involve the company itself, the Wall Street Journal reported Friday.

Indicting WorldCom could pose a setback to creditors, employees and customers as the company reorganizes under Chapter 11 bankruptcy protection, the largest filing in U.S. history.

Bernard Ebbers' attorney, Reid Weingarten, said Ebbers had no involvement in or knowledge of the accounting decisions at issue in this case, the paper reported.

Irvin Nathan, the attorney for Scott Sullivan, contested the charges against his client, saying that "there is substantial room for disagreement on accounting issues, including cost allocation," according to the Journal.

The lawyer for David Myers, Richard Janis, said "whatever needs to be said ought to be said in the court, not in the press."