Qwest Wireless, which serves wireless customers in 14 Western and Midwestern states, could be sold by market or region to appeal to wireless carriers looking to fill gaps in coverage or to pick up new customers. Some analysts say that Qwest Wireless could fetch $2-billion to $3-billion.

"Piecemeal probably would be the best way", Peter Friedland of W.R. Hambrecht told USAToday. "You have markets that appeal to carries for different reasons."

Friedland speculated that Cingular Wireless, which lacks networks in Qwest strongholds Denver and Minneapolis, might be interested. But this would mean the GSM carrier would have to build a compatible network since Qwest uses CDMA network technology.

It also has been rumored that Verizon Wireless and Alltel are shopping for more spectrum.

A second option is to sell its cell towers to companies that would then turn around and lease them. Some industry observers say that this could generate up to $300-million for Qwest.

A third option is to sell its wireless unit but continue to offer service through other carriers on a resale basis. It may not be profitable, but it would allow Qwest to keep its wireless service in its product bundles and possibly broaden its service area.

Regardless of which option Qwest decides upon, analysts say, the company will want to move quickly to avoid violating loan terms and to garner investors’ confidence.