A wireless communication system and method that includes configurable Carrier Aggregation (CA) and/or Multiple-input Multiple-output (MIMO) operational modes. In CA, multiple carriers (i.e., channel bundling) are aggregated and jointly used for transmission to/from a single terminal. Downlink inter-band carrier aggregation increases the downlink data rates by routing two signals, received in different frequency bands, simultaneously to two active receivers in the RF transceiver. MIMO utilizes two additional receivers as diversity paths and the frequency generation can be shared between main and diversity path for each carriers.