Verizon Communications Inc plans to submit a second-round bid of around US$3-billion for Yahoo Inc’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.

Reuters reported last month that Verizon had added Bank of America to its roster of investment banks, as it looked to gain an edge over other bidders for Yahoo’s core assets.

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.

TPG could not be immediately reached for comment outside regular U.S. business hours.