Facebook declined to comment on the Journal's report of the FTC fine; the FTC did not immediately respond to messages for comment from the Associated Press.
The settlement will now be reviewed by the Department of Justice, though it's unlikely that the DOJ will change the outcome of the terms. Google paid the FTC $22.5 million in 2012 for violating a decree.
Even a record $5 billion penalty won't be too damaging a dent for Facebook, which made a profit of $22 billion previous year on $56 billion in total revenue, or a profit margin of 45%.
Even a fine in the billions is simply a write-down for the company, and large penalties have done little to deter large tech firms.
It is thought that the settlement will also include other conditions on how Facebook manages its users' privacy, but the details are not known, the Wall Street Journal reported. Numerous company's critics - including the two Democratic commissioners who voted against it - felt it didn't go far enough, pushing for the agency to actively rein in Facebook's abuses lest other companies follow its example.
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In the USA, one such board is the Federal Trade Commission (FTC), who has been looking into Facebook's past controversies with a fine-tooth comb.
That scandal revealed that a data mining firm affiliated with President Donald Trump's 2016 campaign may have improperly accessed private information from as many as 87 million Facebook users through a quiz app. Nevertheless, its controls have remained leaky. Washington DC, New York and other states are suing the company over its numerous privacy lapses, including the data-sharing deals and unauthorized hoarding of users' email address books, and several members of Congress, including Josh Hawley (R-Missouri) and Mark Warner (D-Virginia), have proposed legislation to rein in Big Tech abuses.
Wall Street appeared unfazed at the prospect of the fine.
Shares finished at $204.87, up almost 2% on the day, and have reached their highest level in almost a year.
Representative David Cicilline, a Democrat and chair of a congressional antitrust panel, called the penalty "a Christmas present five months early". It's very disappointing that such an enormously powerful company that engaged in such serious misconduct is getting a slap on the wrist.
For Facebook, $5 billion is about 9% of its total revenue for 2018, which notched in at $55.83 billion.