The iPhone is finally coming to Verizon Wireless.

The largest U.S. wireless carrier will make the long-awaited announcement at an event Tuesday in New York City, a person familiar with the matter told the Wall Street Journal on Friday.

The move will for the first time let U.S. consumers choose the network that carries their iPhone and perhaps give them additional pricing options that could affect their monthly bills.

It will also upend the balance of power in the industry, ending Verizon rival AT&T Inc.'s exclusive hold on the device and leaving smaller players like Sprint Nextel Corp. and T-Mobile USA facing two well-capitalized competitors offering the world's most popular smartphone.

It wasn't immediately clear when Verizon would have the device in stores.

The Verizon phone will be similar to the iPhone 4 but run on the carrier's CDMA technology, people familiar with the matter have said.

Apple is moving to expand its carrier base in the U.S. at a time when it is facing increasing pressure from phones powered by rival Google Inc.'s operating system, called Android.

Click here for more on the story from the Wall Street Journal.