Tuesday, Yahoo shares on the stock market went up, following a report that Jonathan Miller, AOL's former chief executive, was trying to raise enough money to purchase the web giant.

The Wall Street Journal posted a story on their website that said Miller reckoned he would be able to raise as much as $30 billion to buy Yahoo, news that cited persons with knowledge on the matter, who remained unnamed.

The report further read that AOL’s former top executive was hoping to offer the ailing Web search giant a bid at $20 to $22 per share, which translates as a total amount of $28 billion to $30 billion.

Consequently, on December 2, Yahoo shares closed at $11.50, with an increase of over 7 percent (76 cents) from recent value, while Yahoo’s market value almost reached $16 billion.

Nevertheless, spokeswoman for the company Tracy Schmaler refused to comment on the report, deeming it as mere rumor.

Moreover, analysts consider that even though Jonathan Miller has the necessary connections to come up with the money, given the global economic crisis, many investors might not be willing to join him in his efforts.

Still, the news could prompt other companies to make a bid to Yahoo, which would help the latter overcome the financial issues and plummeting shares they have been facing for a while now.

Yahoo’s decline was given a boost last month, when Google Incorporated bowed out of an advertising deal with the company, on which the already struggling Internet giant was counting to increase revenue.

Moreover, Yahoo’s board of directors refused a bid offering from Microsoft this year, which was willing to pay $33 per share (total amount $47.5 billion) in order to purchase the company.