Report: Google Fielded Microsoft Buyout Overture

Google has reportedly been approached by Microsoft(MSFT Quote) about a partnership or even a takeover by the software giant, as the Internet search engine meets with bankers about plans for its long-awaited initial public stock offering.

Mountain View, Calif.-based Google hasn't ruled out a deal with Microsoft, but is thought to prefer an IPO route, according to an article in Friday's edition of The New York Times.

The enormously successful Google recently indicated that it hoped to go public sometime early next year. People familiar with the talks said the IPO could be worth between $15 billion and $25 billion, making it one of the biggest in history, with a 10% to 15% stake in the company up for sale.

For its part, Microsoft has been looking for new revenue streams and is said to be desperate to gain a piece of the lucrative advertising revenues generated by search engines, but an outright acquisition would be unusual for the Redmond, Wash.-based software leader.

Google was founded by two graduates of Stanford University in 1998 and has since become the No. 1 search engine.