Facebook (FB) - Get Report is nearing a settlement with the Federal Trade Commission over its privacy lapses in connection with the Cambridge Analytica scandal that could put the social media giant under federal oversight for another 20 years, according to a published report.

An agreement would settle whether the release of personal data on 87 million Facebook members to a consulting firm co-founded by Trump adviser Stephen Bannon and Robert Mercer, violated an earlier settlement from 2011, Reuters reported, citing an unnamed source. 

Under the terms of the 2011 settlement, Facebook was subject to 20 years of oversight.

In recent weeks, elected officials have called for holding Facebook CEO Mark Zuckerberg personally liable for the company's failures to protect users' personal data.

A co-founder of Facebook, Chris Hughes, recently called for the breakup of the company, citing privacy concerns.

An agreement could take several more weeks to complete, according to the report.

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