Google and Yahoo have offered to revise a search ad partnership between the two companies to gain approval from the Justice Department. Just last week, the deal looked dead after the DOJ scrutinized the effect it could have on search competitors.

The deal calls for ads served by Google to run beside Yahoo search results.

Under the revised agreement, the search deal would be two years in length, as opposed to 10, according to a report from The New York Times. The amount of money Yahoo could earn off of Google's ads will be capped at 25 percent of Yahoo's search ad revenue.

In the original incarnation of the deal, Yahoo was free to decide how much of its ads to give to Google and was expecting to make as much as $800 million in additional revenue. The 25 percent cap would cut that number nearly in half, according to TechCrunch.

As recently as two weeks ago, the deal looked like it would pass despite complaints from many marketers who said the deal would decrease competition. The revised deal continues to draw the ire of marketers as well.

"If a deal can’t survive long-term scrutiny, what's the benefit of allowing it for the short term?" said Robert D. Liodice, president of the Association of National Advertisers.

And in yet another chapter of the search engine soap opera, investor Carl Icahn, now a member of Yahoo's board of directors, reiterated his desire for Yahoo to make a search deal with Microsoft.

"We believe as large shareholders that eventually we at Yahoo should, if available, make a deal with Microsoft to do search," said Icahn, speaking to CNBC. "We could save a fortune at Yahoo if Microsoft could do search for us."