NEW YORK (

TheStreet

) --

Yahoo!'s

(YHOO)

board of directors has reportedly signed an initial term sheet to sell back its Asian assets, according to

AllThingsD

.

According to unidentified sources cited by AllThingsD, Yahoo!'s board has approved continuing the negotiations to sell back its 35% stake in

Yahoo! Japan

to

Softbank,

and to sell back the majority of its 40% stake in

Alibaba Group.

The agreement could take six to eight weeks to finalize, the sources said.

The deal values Yahoo's stake in both companies at $17 billion to $18 billion, the report said. The current market cap of Yahoo! is slightly over $20 billion.

Yahoo! has been trying to

unlock the value

in these stakes, and divesting them as part of a cash-rich split appears to be the best option. Yahoo! shares are off 2.3% year-to-date.

In addition, Yahoo!'s board still wants to keep the bids from private equity firms

Silver Lake Partners

and

TPG Capital

alive.

Blackstone

(BX) - Get Report

has also been rumored to be interested in purchasing Yahoo!'s U.S. operations.

Silver Lake

reportedly

has reportedly made an offer of $16.60 per share for a minority stake in Yahoo.

Representatives from Yahoo!, Alibaba, Silver Lake, and TPG could not be immediately reached for comment.

Shares of Yahoo! were higher after the report, up 1.25% to $16.20 in afternoon action.

Interested in more on Yahoo!? See TheStreet Ratings' report card for this stock.

--

Written by Chris Ciaccia in New York

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