NEW YORK (

TheStreet

) --

AOL

(AOL)

is actively exploring a breakup involving a complicated series of transactions that may lead to a merger with

Yahoo!

(YHOO)

,

Reuters

reports, citing sources close to the plans.

The plans are still in the exploratory stage and Yahoo! hasn't been contacted, the sources said.

The latest report linking AOL and Yahoo! is similar to a report last month which said

AOL had hired financial advisers

to explore strategic options for the company, one of which included a possible tie-up with Yahoo! That report from the

Wall Street Journal

also said AOL had yet to reach out to Yahoo!.

AOL declined to comment for

Reuters

. A spokesperson for Yahoo! also declined to comment, but a source close to the company reiterated Yahoo! isn't seeking proposals or is in any buyout discussions with AOL.

-- Written by Joseph Woelfel

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Joseph Woelfel

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