In this paper we propose and analyze a step-index optical fiber design in which normalized frequency, V, remains constant at all wavelengths of interest. Such a fiber would require materials with specific wavelength dependent refractive index profile. Constant-V operation ensures that the effective area becomes wavelength independent. Larger core with higher V ensures that fiber can have larger effective area, high confinement factor, and reasonably lower bendloss. Such fibers will exhibit higher local dispersion, which is desirable for DWDM communications.