Zynga – the online social gaming site – may file papers on Wednesday for an IPO – with the site planning to raise $1.5 billion to $2 billion through the initial public offering, Reuters reported.

In a story appearing on Tuesday, Reuters said Zynga may be valued as high as $15 billion to $20 billion with the IPO.

Earlier this year, Zynga was reported to have a value of between $7 billion and $9 billion, according to a report on TechZone360.

That is an increase from April 2010, when the company gave a value of about $4 billion, according to The Wall Street Journal.

Morgan Stanley is expected to be the lead underwriter for the likely IPO.

Zynga has 275 million users a month, The Journal says. The company earned about $400 million in profit in 2010, with approximately $850 million earned in revenue, The Journal said. The company is a start-up and is just three years old.

As of earlier this year, Zynga raised about $360 million from venture-capitalists and other investors, The Journal reports. Google also invested in the company.

In other recent company news, Zynga announced the launch of CityVille Hometown, its first mobile game offered in French, Italian, German and Spanish. CityVille Hometown has elements from the CityVille game but has a small-town focus.

CityVille Hometown will also be available in English in Canada via the Apple App Store on iPad, iPhone and iPod touch, and will be available globally in the five languages.

CityVille Hometown lets players build a community and provides access to friends on Facebook.

Tuesday’s news about Zynga’s possible IPO brings to mind the most awaited IPO of any social media company – Facebook.

Facebook may have an IPO next year, TechZone360 reported.

In conjunction with the IPO, Facebook may have a valuation as high as $100 billion, according to TechZone360.

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