Yahoo is in talks with France Telecom to buy a majority stake in Dailymotion, a European online video site that has been seeking for a U.S. partner to take on Google's YouTube.

Under the ownership structure being discussed, Yahoo could buy as much as 75% of Dailymotion with the possibility of buying the rest of the site at a later date, the Wall Street Journal reported. The deal would value Dailymotion at around $300 million.

Both Yahoo and France Telecom declined to comment.

At a recent technology conference, Yahoo chief Marissa Mayer said video "is going to be very important to our strategy."