After Microsoft and Yahoo issued statements that they are talking again yesterday, rumors went rampant on what Microsoft's new strategy is.

According to Furrier and Scobelizer, there is a rumor floating in Silicon Valley that Microsoft plans to buy only the search business of Yahoo and then buy the social network giant Facebook.
Microsoft would then merge Facebook and the Yahoo Search team to tackle Google at a much more powerful position as they can today.

This sounds like a possible good way for Microsoft. I just do not see Yahoo without their Search that clearly. The company launched some content sites recently; maybe they see the future there.
More Yahoo Coverage.