What are the odds for Microsoft to get Yahoo? At this point, it seems like anything but good, as Yahoo takes another step to avoid the Microsoft alternative and started talks with Time Warner Inc., sources familiar with the company said on Tuesday.

The matter of Yahoo-AOL talks isn’t a new one, as previous negotiations have failed due to economic reasons, but as it seems, Yahoo is looking into any offer but Microsoft’s, which they considered to undervalue them.

As the Wall Street Journal reported, the discussions between Yahoo and AOL ‘began’ after Yahoo took the step to ask for a proposal from Time Warner. As the same source reported, Time Warner Chief Executive Jeffrey Bewkes and Yahoo CEO Jerry Young met in person to discuss the idea.

The probability for other mergers other than Yahoo-Microsoft to happen seems very small, most analysts say. The impression Yahoo leaves at this moment is they are just buying time, but that still doesn’t get them too far from Microsoft.

As it seems, they’ve managed to prolong the wait so far, before the March 14 deadline when Microsoft has to propose its own candidates for Yahoo’s board before their annual shareholder meeting. Yahoo still has two alternatives: either change the deadline or start discussions with Microsoft and put an end to a series of problems that could emerge from all this situation.

Yahoo has been constantly under pressure from both shareholders, who want to put an end to the situation and are looking for a quick resolution, and investors, who filed lawsuits against Yahoo for rejecting Microsoft’s offer.

Yahoo asked for a $12 billion raise in Microsoft’s offer, which hasn’t happened so far. Rumors have it that Microsoft already turned to Bear Stearns Cos. Services in the Yahoo situation. It still remains to be seen if Yahoo has an ace up their sleeve one week before the pre-established deadline in order to avoid Microsoft's offer.