There's a do-not-call list for telemarketers, but Yahoo is about to go into new territory with a do-not-target option for online advertising. According to a Washington Post report, the web giant will allow users to shut off targeted advertising on its network of websites.

The move comes as lawmakers continue to look into the issues surrounding online privacy as it relates to advertising. Last week, a congressional committee sent a letter to Yahoo and several other web companies and service providers requesting information about tracking users.

Yahoo currently allows users to opt out of targeted ads for advertising delivered by Yahoo to third-party websites. However, less than 1 percent of users do so, according to the company. And even though Yahoo will let users opt out of targeted ads, it will still collect data.

"Congress has clearly reflected a keen interest in just these kinds of choices," said Srinija Srinivasan, a Yahoo VP in charge of privacy issues. "We want to make sure that we can help them understand the extent of these choices."

Targeted ads bring in more money for the ad server, so Yahoo, which already lacks the advertising muscle and reach of competitors like Google, would undoubtedly stand to lose money by letting users switch off targeted ads. However, the company is gambling that users with privacy concerns will now be more attracted to Yahoo.