According to a report from Re/Code, Twitter's top brass is considering dropping its 140-character limit in lieu of a 10,000-character cap. The so-called "Beyond 140" project, as Re/Code's sources call it, would allow people tweet with the same freedom as their Direct Messages. As the sources describe it, tweets would still only display 140 characters in your timeline but then expand to display the additional text once the user clicks on it. This functionality is currently in testing, though there's no word on release date yet and there's no guarantee that the final character limit could change before it debuts.
Update: Twitter CEO Jack Dorsey has issued the following statement regarding the company's debate over extending the character limit.