Papa John's (PZZA - Get Report) could be up for sale. 

And Wendy's (WEN - Get Report) may be the buyer, suggested a new report from The Wall Street Journal on Wednesday. Papa John's founder John Schnatter -- under fire for making racist comments on a PR call -- reportedly held merger talks with Wendy's before he stepped down as chairman last week. 

Doing a deal would make sense.

Here is what Wendy's CEO Todd Penegor just told TheStreet