Yesterday, the Wall Street Journal unveiled a story which said that former AOL exec Jonathan Miller was trying to raise up to $30 billion to buy Yahoo. Miller, who left AOL in 2006, is said to have been in talks with private investors for months in order to fund an acquisition of Yahoo at $20 to $22 a share. The price would value Yahoo at $28 billion to $30 billion.

"Our sources say that, while Miller and [former Fox Interactive Media president] Ross Levinsohn have been talking to Yahoo and Microsoft executives and shareholders for months about Yahoo's future (and at different times both Miller and Levinsohn have been proposed as Yahoo board members), they have not had any serious discussions with private equity funds about raising capital to take over the company," Techcrunch founder Michael Arrington said regarding the Wall Street Journal Story.

However analysts were also skeptical Miller's plan would succeed, given the current market environment and Yahoo's multiple challenges, including a search for a new CEO after co-founder Yang stepped down last month and coping with a decreasing advertising market.

News of the takeover bid prompted Yahoo's stock to jump 12.5 percent to more than 12 dollars per share, before it gave up some of the gain later in the day.

But still Velocity Interactive, a private equity firm that Jonathan Miller currently runs, didn’t comment on this report whatsoever. He was tapped for a seat on Yahoo!'s board in July as part of a settlement with investor Carl Icahn.

Speculation about Yahoo's future has been a highlight since rival Google Inc. pulled out of a proposed advertising partnership a month ago. Yahoo had been counting on the alliance to boost its profits and placate shareholders incensed about the company's rebuff of a $47.5 billion takeover bid from Microsoft Corp.