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Yahoo sales process to reach final steps this month

The final selection process is expected by July 18, as Verizon, Quicken Loans' founder and private equity firm TPG are currently making bids, according to a report.

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Yahoo CEO Marissa Mayer has struggled to turn around the internet pioneer.

Ethan Miller/Getty Images

Yahoo's ongoing effort to sell itself may reach its conclusion this month.

A third round of bids from the internet company's suitors is expected Wednesday, and the final selection process will happen around July 18, Recode reported, citing unnamed sources.

The report said Verizon, considered the leading bidder, has AOL head Tim Armstrong leading its negotiations. Quicken Loans founder Dan Gilbert and private equity firm TPG are also in the mix.

However, the story mentions that bids for Yahoo's core business are currently around $3.5 billion to over $5 billion, which may not be enough to please investors. That raises questions about what Yahoo's leaders may decide to do if the bids are subpar.

A Yahoo representative didn't immediately respond to a request for comment.

Yahoo CEO Marissa Mayer has worked over the past few years to turn around her lagging company, trying to reinvigorate the internet portal with a focus on video, mobile and social initiatives, while also acquiring several firms, including blogging site Tumblr. These efforts haven't improved Yahoo's business, so the company is now entertaining a sale after staying independent for over three decades.