Time Inc. has been exploring a bid to acquire Yahoo's core Internet business Reuters reported on Tuesday. Time Inc has been reaching out to bankers on pursuing a deal with Yahoo, according to the report.

Time Inc, the publisher of Sports Illustrated, People and Time magazines, has been trying to boost its digital presence through acquisitions of online properties, saying this month it would buy social networking pioneer MySpace.

Verizon Communications has also expressed interest in Yahoo's core business, which includes Mail, its news and sports sites and advertising technology.

Time Inc and Yahoo declined to comment on the report.