The new website, that will look very much like Facebook,  will compete with professional social network LinkedIn Corp , Google Inc, and Microsoft Corp, the newspaper said.
Facebook's new site will allow users to chat with colleagues, connect with professional contacts and collaborate over documents, the daily reported, citing unidentified sources.
Facebook was not available for comment outside regular US business hours.
Facebook employees have long used the site in their daily work and the social networking site is now testing it with companies, the daily said.