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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.
Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, DVYE, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM and short SPY, XRT. His firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO and short HYG, IWM
Steve Grasso is long BA, CC, EVGN, JCP, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX. Grasso's Kids own EFA, EFG, EWJ, IJR, SPY. No Shorts. Stuart Frankel & Co Inc. and some of its Partners are long AAPL, AVP, FCX, IBM, KDUS, LDP, MFIN, MJNA, NE, RIG, STAG, TEX, TITXF, URI, VALE, WDR, XRX, ZNGA, CUBA, ICE, HSPO, JCP, NXTD, SDS and short DIA, QQQ, SPY, XLI
Dan Nathan is Long JD Aug call spread, long TWTR, BABA Aug put spread, IWM long Sept put, XLF long Aug put spread, XLK long Sept Put spread, FXI long Aug put spread, SMH long Aug put spread, long PYPL call calendar, long C Aug put spread, XOP Sept put spread, TGT long Aug calls, TSLA long Aug put, BAC long Sept put, long FEZ Nov put spread.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.