NEW YORK ( TheStreet) -- AOL ( AOL) CEO Tim Armstrong has been meeting with top shareholders to push the idea of a sale to Yahoo! ( YHOO), Reuters reported, citing sources with knowledge of the discussions. Armstrong is trying to drum up shareholder support for a deal with Yahoo!, presenting it as an alternative to going it alone as an Internet media company, Reuters said. Armstrong said a merger of AOL and Yahoo! could wring out $1 billion to $1.5 billion in savings from overlapping data centers and duplicate news sites, according to a major shareholder who met with Armstrong, Reuters said. Yahoo! has been undergoing its own strategic review since CEO Carol Bartz was fired in September. The company and its advisers have started considering Yahoo!'s options, including a possible sale. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.