Because Imgur has such a valuable collection of users (100 million unique users a month), has many VC suitors, and is very social, the acquisition would likely not just be an "aqui-hire" -- in which the main purpose of the transaction is primarily to hire the startup's team -- like many of Yahoo's other buyouts of late. Instead, this would be more in the vein of Yahoo's $1.1 billion acquisition of Tumblr, where a distinct part of the attraction was the startup's cool factor.
The two companies already have an existing relationship. Imgur has an image-hosting service, and Yahoo became one of its clients in February. Yahoo declined to comment on the potential acquisition.