Sources told CNBC earlier on Friday that a sale could be announced as early as next week. Trader Steve Grasso said the deal could help Verizon branch out into the digital space.
Trader Dan Nathan said that buying Yahoo is unlikely to "move the needle unless [Verizon has] some other designs for the business."
Trader Tim Seymour agreed that this deal would not be "transformative." He said, however, that an agreement would probably be a relief for Yahoo shareholders "because this is an asset that is falling apart every day."
Seymour added that he believes that as a stock, Yahoo is "very defensive" because of a number of things including its stake in Alibaba.