Microsoft might take another whack at buying Yahoo.

Having been saved by happenstance from overpaying for the joint in 2008, the Wall Street Journal reported late Wednesday that Microsoft, private equity house Silver Lake Partners and the Canada Pension Plan Investment Board, one of Silver Lake's investors, are putting together a bid. The Journal said it got it from people "familiar with the matter."

Apparently the idea is for Microsoft, now a partner of Yahoo, to put up several billion dollars, banks some more and Silver Lake and the national pension fund the rest, but less than Microsoft's contribution.

There's no telling if they'll go ahead.

Microsoft is in to protect its search deal with Yahoo.

As has been previously floated, they would spin off Yahoo's Asian assets.

Silver Lake and the CPP Investment Board were co-investors in Skype, which Microsoft just bought.

At close to 16 bucks a share, Yahoo's market cap is currently $20 billion so the property could now theoretically go for somewhere between $18 and $21 a share. Microsoft once offered $33.

At least nine private equity firms, including Silver Lake, have reportedly been studying a potential Yahoo buyout while Yahoo mulls its options and Yahoo has forbidden them to team up hoping to encourage a higher price. The "no cross-talk" provision is part of the NDA interested parties have to sign to do due diligence according to Reuters.

Yahoo founder Jerry Yang, who spurned Microsoft's original offer, told an All Things Digital conference in Hong Kong this week that "The intent going in is not to put ourselves up for sale. The intent is to look at all options. There's plenty of options for the board, and plenty of options for our shareholders to realize value."

Alibaba chief Jack Ma continues to express interest in buying Yahoo, or at least its 40% stake in Alibaba, and says he's waiting for the company to make up its mind what it wants to do.