The Financial Times reports that Time Warner's board will hold "crucial discussions" Thursday about a potential partnership between AOL and either Microsoft or Google, although the paper says a deal isn't imminent.

Past reports have cited the possibility of Microsoft or another company acquiring a stake in AOL, although it's possible that whatever arrangement is ultimately reached could be something less significant than that. (See previous post for background.) The Financial Times story, citing anonymous people briefed on AOL's talks with potential partners, reports that the field of suitors has been narrowed, for now, to Google and Microsoft. Others, including Yahoo!, have reportedly discussed possible AOL deals in the past.