Google (NASDAQ: GOOG) is planning to bid for wireless spectrum in the upcoming FCC auction. The move has been rumored for months. The cost of the bid could go above $4.6 billion.

The Wall Street Journal writes "the behind-the-scenes moves illustrate just how serious the Internet giant is about trying to reshape the wireless world. Its push could potentially expand the availability and decrease the cost of high-speed mobile Internet access to consumers and broaden the wireless applications they can use."

Google has already announced that it will offer a handset operating system that could run on a number of phones and will be open to outside developers.

Wall Street can see the benefit for consumers of open airwaves and cheaper handset software, but what is in it for the world's largest search company? One theory is that Google could charge for access to its wireless spectrum, but would charge less than competitors. The other possibility is that, if Google controls handset and wireless access, it will be able to build a large advertising-based network.The network would run ads next to free applications like mobile maps and e-mail. If so, it could exploit the users on that network in the same way it has its audience on the PC.

Either of Google's plans to make money on wireless could work, but $4.6 billion is a lot to make back on a business in which the company has no experience.

Douglas A. McIntyre is an editor at 247wallst.com.