Updated (5:35 EST): The latest Facebook initial public offering-related scoop comes from the International Financing Review, who cites unnamed source saying that the social network will file for a $5 billion IPO on Wednesday. Instant analysis claims that Facebook will still be valued at anywhere between $75 and $100 million. IFR, a Thomson Reuters subsidiary, also snagged the names of the banks involved. "The social networking site has opted to hire five bookrunners, featuring Morgan Stanley in the coveted lead left role.Goldman Sachs, Bank of America Merrill Lynch, Barclays Capital and JP Morgan round out the initial list of bookrunners on the deal, though the syndicate could also grow, sources indicated," explained IFR's Anothy Hughes and Stephen Lacy, noting that an early morning filing of Facebook's IPO paperwork would likely set the company up "to finalize the IPO process by May, pending a smooth registration process with the SEC."

This where things get tricky. By floating a smaller than expected IPO price -- everyone thought it was going to be $10 billion -- the company might be able to jack up the share price a bit. "Facebook is playing a psychological trick here, hoping to stir up demand for its stock by limiting supply," claims Business Insider's Nicolas Carlson. It's also unclear whether Facebook will choose Nasdaq or the New York Stock Exchange for the big day. We have no idea what Facebook is doing, but that's what makes this whole Wall Street game so much fun!