In the wake of a bid from Microsoft to take over Yahoo, insiders told Reuters that Yahoo management is considering revisiting talks it held with Google several months ago regarding an alliance.

Yahoo reportedly believes the $31 a share offer by Microsoft undervalues the company, so Google's own chief executive Eric Schmidt called Yahoo's chief executive Jerry Wang to offer his company's help in an effort to thwart the deal, The Wall Street Journal reported on its website on Sunday.

Analysts predict, however, that a Google bid to buy Yahoo wouldn't win antitrust approval. Some speculate that even a Microsoft/Yahoo alliance would run into antitrust challenges.

Yahoo's efforts to find an alternative bidder could simply be a measure to pressure Microsoft to boost its bid.