Following its $4.4 billion acquisition of AOL in June, Verizon would stand to add Yahoo's Brightroll ad technology platform to AOL's Adap.tv mobile video ad service, he said. Buying Yahoo would help Verizon facilitate the shift of video content to mobile devices and serve up advertisements on those platforms, he added.
Verizon also has a competent executive in AOL CEO Tim Armstrong, who has recently shepherded his own company through an acquisition and restructuring, he added.
"They have Tim Armstrong. They have synergies between these ad technology assets. They're trying to invigorate their mobile video strategy, their mobile ad strategy," DiClemente told CNBC's "Squawk Box."
Bids for the troubled internet portal are due on Monday. The company reports earnings after the closing bell on Tuesday. Other companies that reportedly are interested in Yahoo include Alphabet, Comcast, IAC/InterActive Corp. and Time Inc.
Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.
Correction: This story has been revised to correct that Yahoo reports earnings after the closing bell on Tuesday.