Verizon Communications Inc plans to submit a second-round bid of around $3 billion for Yahoo Inc's core internet business, the Wall Street Journal reported, citing people familiar with the matter.

Private-equity firm TPG was also expected to submit a second round bid for the assets before Monday's deadline, the newspaper reported.

Reuters reported last month that Verizon was working on a bid for Yahoo's core assets with an investment bank.

Yahoo is expected to hold at least one more round of bidding, and the offers could change by the final round, the paper reported.

Yahoo, Verizon and TPG could not be immediately reached for comment outside regular US business hours. – Reuters