Microsoft has signed an NDA with Yahoo so it can look at its books, the New York Times reported Wednesday citing a person briefed on the matter.

The move could translate into Redmond making a bid for the dysfunctional portal.

Microsoft apparently got around Yahoo's "no crosstalk" stipulation preventing potential buyers from forming a consortium by doing its talking beforehand.

Private equity houses Silver Lake, KKR and TPG Capital have also reportedly signed NDAs.

Reuters reported last month that Microsoft could help finance a consortium led by Silver Lake and the Canadian Pension Plan Investment Board.

Blackstone, Softbank and Alibaba are also interested but frustrated by the strings on Yahoo's NDA.

The Times noted that Microsoft is obviously concerned about preserving its 2009 search ad partnership with Yahoo, which was supposed to run 10 years. It also suggested Microsoft might want to integrate its Skype acquisition into Yahoo.

Yahoo turned down a $47.5 billion $33-a-share offer from Microsoft in 2008. Yahoo co-founder Jerry Yang wanted $37 a share. Yahoo's current market cap is a little under $18.6 billion at around $15 a share.