Time Inc, the publisher of Sports Illustrated, People and Time magazine, is considering a deal to buy the core business of Yahoo Inc, Bloomberg reported, citing people familiar with the matter.

Time Inc has heard a presentation from Citigroup Inc bankers on pursuing a deal with Yahoo, the Bloomberg report said, adding that Citigroup had not been retained by Time.

Yahoo officially launched the sale of its core business, which includes search, mail and news sites, last week.

Yahoo Chief Executive Marissa Mayer would not be part of the company under such a deal, Bloomberg reported, citing one of its sources.

Time Inc declined to comment on the Bloomberg report while Yahoo and Citigroup could not immediately be reached for comment.

Verizon Communications Inc, which owns Internet pioneer AOL, is also seen as a potential buyer for Yahoo's core business.

Time Inc, which has seen print advertising dollars dry up in recent quarters, has been trying to boost its digital presence through acquisitions of online properties. It said earlier this month it would buy social networking pioneer MySpace.

Shares of Time Inc were down 1.5 percent in morning trading on Tuesday.