The Wall Street Journal has reported that is among the suitors has previously talked to, which has also included Microsoft and Viacom.
Facebook last month signed a three-year deal giving Microsoft sole rights to banner advertising and sponsored links on its site.
Facebook was founded in February 2004 as a college networking site and has more than 9m users. It is privately owned and in June sold a 0.5% stake to marketing services group Interpublic Group.
Yahoo!'s interest in the site follows News Corporation's $580m acquisition of the company behind MySpace.com in July 2005.
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