Fighting off Microsoft's $44 billion bid may not leave Yahoo with many attractive options. According to The Wall Street Journal, one of those options could be a deal with rival News Corp. to swap MySpace for a 20 percent stake in Yahoo.

News Corp. boss Rupert Murdoch had previously been identified as a potential suitor for Yahoo shortly after Microsoft announced its bid. However, that rumor quickly died on the vine.

While few see a potential deal with Murdoch as anything more than a long-shot, there is speculation that Yahoo's discussions with the media conglomerate could be a way to get Microsoft to up its price.

After Yahoo's board rejected Microsoft's bid, Microsoft CEO Steve Ballmer fired back, saying he would continue to "pursue all necessary steps to ensure that Yahoo's shareholders are provided with the opportunity to realize the value inherent in our proposal."

In a letter to its stockholders issued late yesterday, Yahoo's board outlined its reasons for rejecting the bid, citing a low valuation of the company as its chief motive.