Verizon Communications is preparing to make a bid for the web business of Yahoo, according to a Bloomberg report. A source with information about the matter said it also hopes to finalize its merger by putting an offer for a stake in the Japanese subsidiary of the internet search giant.

Bloomberg also reported that the first-round bid of the telecom giant for Yahoo's web business will be offered next week,   

Google is also thinking of offering a bid for the core business of Yahoo, according to Bloomberg citing a company source. But as the news service reported, many companies that were previously thought of investing did not offer their bids. These include Microsoft Corp, Comcast Corp and AT&T.

With Verizon and Google offering their bids, the race to pick the bones of the ailing tech giant is heating up. 

The telecom giant is eyeing Yahoo's internet portal in Japan which is worth around $8.5 billion, to make the deal more attractive to the seller.

When the internet search giant announced in February that it is thinking of selling its web business, the company's fate has led many to speculate about its final fate. The Sunnyvale, CA-based company is putting its core internet business on the table, such as its email, fantasy football, and its advertising technology.

In 2015, Verizon has acquired AOL for $4.4 billion. AOL is also a pioneer of the early web and has now fallen in ruins.

Yahoo has formed a committee to handle the sale of its business interests, but it refuses to make any comment of its negotiations until it has relevant news to give.

"The Company does not intend to make any further disclosure regarding these matters until a definitive transaction agreement is reached or a determination has been made that none will be pursued," wrote the company in a filing in February.