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In a bit of unsurprising news, it appears that Microsoft is willing to re-open talks with Yahoo about a possible takeover. According to billionaire investor Carl Icahn, Microsoft is still interested in discussing a major transaction with Yahoo provided that a new board of directors is elected – which happens to be Icahn’s own objective.

Microsoft almost immediately confirmed Icahn’s claims, reiterating its belief that the Yahoo board has been too stubborn in their deal negotiations. So there you have it, the Microsoft/Yahoo saga could finally come to an end with either a deal for buying just their search assets or possibly the whole company, if Icahn gains control of the board at the August 1 shareholder meeting.

Of course, Yahoo’s co-founder and current chief executive Jerry Yang is not about to be ousted from the company without a fight. Indeed, the executive is believed to be in talks with Time Warner about combining with its AOL unit, as a way to prevent the Icahn insurgency from succeeding.