Reports have surfaced suggesting MySpace parent company NewsCorp is considering trading its ownership of the popular social networking service to Yahoo in return for 30% of the combined company.

Based on Yahoo's current value of $37 billion, that would translate to an $11 billion payout for the transaction, the Times of London estimates, offering a hefty return on NewsCorp's original $580 million acquisition of MySpace in 2005. The Times says that NewsCorp is also dangling its shares in game network IGN.

It is as yet unclear whether yesterday's departure of Yahoo CEO Terry Semel could cloud the future of such a deal.