Yahoo's board is believed to be planning fresh talks with Time Warner about acquiring AOL.
Yahoo discussed a deal with Time Warner earlier this year, but nothing happened.
There was speculation that Yahoo's move was part of a strategy to fight off Microsoft's attempt to buy Yahoo. Microsoft also tried to buy AOL afterit failed to acquire Yahoo.
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The new Yahoo board, which includes activist investor Carl Icahn and two of his nominees, is planning a new approach for AOL.
Yahoo recently signed a web advertising deal with Google to boost revenues. However that arrangement - which is due to start next month - is being investigated by regulators.