After reporting on the Microsoft-Yahoo saga for more than a year-and-a-half, we've grown weary of all the fruitless rumors about possible deals and partnerships between the companies. But based on these latest reports, it's starting to look like something could really happen.

Kara Swisher of AllThingsD reports that Microsoft executives have flown to Silicon Valley today to work out the last remaining issues in search and online advertising deal between the companies. Dina Bass of Bloomberg News, citing a person familiar with the matter, adds that the companies "may reach an agreement as soon as next week, although the following week is more likely."

The posts follow a rumor yesterday that a Yahoo-Microsoft deal could be imminent.

So what would this deal entail? Swisher says Microsoft would pay Yahoo "several billion dollars upfront to take over its search advertising business and guarantee certain payments back to Yahoo." That could help explain why Microsoft has been willing to take on billions in debt in recent months, to supplement its sizable cash holdings.

Yahoo, meanwhile, may end up leading premium display advertising for the companies, playing to one of its strengths, while the combination of the two search sites would add up to nearly 30 percent of the market and give Microsoft better economies of scale to use in its competition against Google.

Deal or not, it looks like Microsoft will have lots to talk about at its July 30 annual meeting with financial analysts in Redmond.

In the meantime, if anyone spots Microsoft's Qi Lu, Satya Nadella or Yusuf Mehdi at SFO or SeaTac, get a look at the expressions on their faces and drop us a note.