Word has it that a group of (as yet unnamed) investors is putting together a deal to buy troubled Yahoo! — the whole company, search, mail, advertising and all — for the current share price of about (US)$13 plus a premium of 20 per cent to sweeten the deal for already-battered Yahoo! shareholders.

Here’s the hook: The investor group would turn right around and sell Yahoo!’s search and marketing businesses to Microsoft (MS), under the same purchase terms MS offered Yahoo! directly last June.

And, for those who love really juicy rumours, there’s also word that MS would underwrite a large portion of the upfront financing for the investment group to buy Yahoo! in the first place.

Apparently, MS has not agreed to the proposal and, as always, refuses to comment on rumours, anyway.

So that’s that — for now, at least.