Verizon Communications will submit a second-round bid of around $3 billion for Yahoo's core internet business, the Wall Street Journal reported, citing people familiar with the matter. Private-equity firm TPG was also expected to submit a second round bid for the assets before Monday's deadline, the newspaper reported.

Yahoo is expected to hold at least one more round of bidding, and the offers could change by the final round, the paper reported.

Yahoo did not comment on the report, while Verizon declined to comment.

While Yahoo still boasts about 1 billion users, putting it among the largest online players in the world, it has been losing ground in digital advertising to rivals such as Facebook, Google and Twitter. Chief Executive Officer Marissa Mayer started a review of the company’s options in February after pressure from investors and a failed turnaround.

Last month, Chief Financial Officer Ken Goldman said Yahoo’s strategic review to sell its core business was going well and "well along the way."

Bidders have included TPG, Verizon, YP Holdings LLC and a consortium led by Bain Capital LP and Vista Equity Partners LLC, according to reports.