Microsoft's unsolicited bid for Yahoo continues to ripple through the ranks of the web's major players. In the latest news, Yahoo appears to be working on the details on a possible deal with News Corp., according to a report in TechCrunch.

A possible Yahoo deal with News Corp. had been reported shortly after Microsoft's bid for the slumping internet company, but News Corp. boss Rupert Murdoch nixed speculation that talks were in the works. But just days after Murdoch denied the rumor, reports surfaced that News Corp. was looking to swap MySpace for a 20 percent stake in Yahoo.

Last week, a MySpace swap appeared to be a long shot to many, but according to TechCrunch, News Corp. has dispatched a team of dealmakers to work directly with Yahoo's business development unit.

According to sources close to the talks, the team is led by Jack Kennedy, Fox Interactive Media's EVP for strategy and corporate development.