As per usual, there is always a chance it will not work out and one of the other bidders — most likely Gilbert — might lob in another offer once the terms are revealed.
Those terms are still unclear, including whether Verizon's deal includes some or all of Yahoo's patent and real estate assets, which have some (though diminishing) value.
Verizon is set to report its quarterly results on Tuesday, and sources said the pair hope to be able to announce details of the deal before then, if possible.
In any case, the move is not a surprise, given Verizon has been public in its interest in buying Yahoo and it has always been the front-runner.
Recode and others reported Friday that the Yahoo board had settled on Verizon, but the other bidders had still not been officially informed. Verizon was considered the safest bid among those made and most attractive, especially after Verizon upped its initial bid substantially. In addition, said sources, the willingness of Verizon to accept some "hairy" issues at Yahoo — including a less-than-ideal search deal with Mozilla and also large stock compensation costs.
The deal, which has been shepherded by Verizon's EVP of Product Innovation and New Businesses Marni Walden and AOL head Tim Armstrong, will be a big leap for the company, which has been seeking to add to its ad tech and digital content offerings. Verizon bought AOL a year ago for $4.4 billion to start that process.
But that effort has been mixed so far. For example, its Go90 mobile video service, aimed at teens, has gotten a lot of criticism from investors. There are also worries about how well Verizon will fare going up against digital ad powerhouses like Facebook and Google.
Adding Yahoo's assets to its weaponry could help — its BrightRoll programmatic video ad service is considered a plus — but a lot of its display tools are aimed at solving yesterday's problems.
Verizon will also be getting a mass of media assets, some of which are still powerful, such as Yahoo Finance and Yahoo Sports, and others not so much. Under CEO Marissa Mayer , Yahoo spent large sums on content — such as its $1 billion acquisition of Tumblr and a deal to bring TV news star Katie Couric to the network — that have not paid off.
The same is true with Mayer's intense — and many say misguided — plunge into mobile search technology, in an effort to make an end run around Google. Very little of her massive investment there has seen the light of day, and it is not clear if Verizon will continue it.
Also no surprise: Mayer is not expected to stay on after the deal is wrapped up in the fall, said sources, and it is unclear how many of Yahoo's current execs will remain. Many have had their options accelerated, but someone has to keep the lights on until Verizon gets to fully claim its prize.