Lo and behold! At last months long name calling and bickering have come to an end, as Microsoft is near to takeover Yahoo search business.

A report published in the Sunday Times says that Microsoft and Yahoo have agreed a $ 20billion deal for the buyout of Yahoo search division.

But the deal to buyout the entire company, however, seems still dead and it doesn’t appear to happen in the near future.

According to this new buyout plan, Microsoft will set its own management team to grab Jerry Yang’s (Yahoo CEO) role. Microsoft is planning to inject $10billion to get three seats on the Yahoo’s board.

All these things have been finalized and it is quite obvious that Yahoo will just have to find its way with services like instant messaging and email.

On the other hand, Reuter says that this report from the Sunday Times is nothing, but a total fiction. May be we have to see some new twist and turns in this Yahoo/Microsoft story.