AOL Inc. and several private-equity firms are exploring making an offer to buy Yahoo Inc., according to people familiar with the matter, devising a bold plan to marry two big Internet brands facing steep challenges.

Silver Lake Partners and Blackstone Group LP are among the firms that have expressed interest in teaming up with AOL to buy Yahoo or trying to take it private on their own, these people said. They added that at least two or three other firms could be interested in participating if a formal buyout proposal is drawn up.

The people familiar with the matter cautioned that these discussions—involving private-equity firms, AOL executives and financial advisers—are preliminary and don’t yet involve Yahoo. The conversations may not lead to an approach given the complexities in structuring a proposal, the people said.

Spokeswomen for Yahoo and AOL declined to comment.

Yahoo has asked its banker Goldman Sachs about the rumors, verify whether they are credible and if there is an approach, what steps to follow, a person familiar with the matter said. The person characterized these discussions as routine in response to market speculation.

Yahoo has a long-standing relationship with Goldman, which advised it on Yahoo’s takeover defense against Microsoft Corp. in 2008.

Read more here.