Time Warner's board of directors will meet today to discuss, inter alia, AOL's future and whether and with whom to partner, according to people familiar with AOL's talks, who say only the talks with Microsoft and Google are serious at this point, although others, including Yahoo, have made overtures, reports the Financial Times (via paidContent). However, the Time Warner board is not expected to immediately reach a decision on AOL.

"There are very robust conversations going on with Microsoft and Google," said a person familiar with the talks. "But any decision to pursue a deal with one or other is something that, at this stage, will not be decided for a few more weeks."

Time Warner chairman and CEO Dick Parsons recently said he believes that AOL is instrumental for creating value at Time Warner. Talks with Microsoft are apparently focused on forming a joint venture; talks with Google concern selling a stake in AOL.