Just because Microsoft walked away from Yahoo doesn't mean Google plans to do the same. The search giant said it still wants to make permanent a controversial ad serving partnership.

"We have been talking to Yahoo and we are very excited to be working with them," Google co-founder Sergey Brin told reporters before the company's annual shareholders meeting. "We share a lot of values with them."

While one shared value could be a desire to beat back Microsoft's efforts to enter the online advertising business, both Yahoo and Google have said that their experiment could be a boon to all those who wish to participate. According to officials at both companies, the deal, which would allow Google to sell ads against Yahoo's search results, could be available to any company that wishes to participate, including Microsoft.   

The experiment, which would serve ads in a dynamic auction-based setting, was thought to be little more than an effort by Google to defeat Microsoft's bid for Yahoo. Indeed, many thought the experiment would be scrapped when news broke that Microsoft had abandoned its quest for Yahoo, but that rumor now appears to be incorrect. By some estimates, the experiment, which Yahoo and Google declared a success after a two-week trial, could net Yahoo as much as $1 billion more in additional yearly revenue.

To make any such deal permanent, Google and Yahoo would need to get approval of U.S. regulators.

Meanwhile, Google executives have made clear that their top priority for this year is to extract revenue from YouTube. According to Google CEO Eric Schmidt, YouTube will launch a slate of new products later this year. Schmidt declined to give further details on what those products might be. YouTube, which is wildly popular but not a significant source of Google's revenue, has been working to develop closer relationships with brand advertisers.