The M&A sphere is buzzing this week following news that wireless carrier giant AT&T has signed a deal to acquire content titan Time Warner. And while the debate rages on about whether or not the deal can clear regulatory scrutiny, other minds have turned to the future and to what’s next. Or rather, who is next.

A lot of attention has been focused on AT&T’s smaller wireless rivals T-Mobile and Sprint as upcoming M&A targets. And for their part, executives at both companies have done little to quell the chatter.

During Sprint’s earnings call on Tuesday, CEO Marcelo Claure stoked merger speculation when he said he believed the carrier’s “strategic value to many” had significantly grown as a result of the AT&T deal and noted Sprint had “a lot of bankers placing more calls than usual over the weekend.”

Similarly, T-Mobile COO Mike Sievert told Reuters the content pipeline is “rapidly transforming toward mobile” and said the Un-carrier is “very interested” in looking at strategic options.

So which – if either – of the carriers will be next at the big M&A table?

Spencer Kurn of New Street Research has pegged the “takeout target” bullseye on T-Mobile. But Wells Fargo’s Jennifer Fritzsche pointed out in a Sunday note that any (cable) company that bought T-Mobile (presumably to compete with AT&T) would be “buying an asset with less spectrum, less subscribers (aka eyeballs) and less capital invested than what AT&T has in its wireless operations.”

Last year, reports surfaced that T-Mobile was in talks with both Dish and Comcast about potential mergers, but Deutsche Telekom in March put its sale of T-Mobile U.S. on hold due to the FCC’s incentive auction.

A merger between cable and wireless would definitely make sense, especially given the former’s increasing interest in wireless – just look at Comcast and Charter Communications’ recent decisions to activate MVNO deals with Verizon. And T-Mobile might just provide the right outlet to put Dish’s chest full of spectrum to work distributing content.

But who do you think will be next? And why?

Let me know in the comments below!