Former AOL chief, Jonathan Miller, is now considering to take over popular internet search engine and website company Yahoo Inc, a media report said. According to a report in The Wall Street Journal, Miller has been talking to private investors and sovereign wealth funds to raise about $28 to $30 billion to purchase Yahoo Inc. The paper quoting market observers and experts said that it was difficult to raise such a huge amount of money especially at a time when the banking sector was in a bad shape.

Yahoo is now searching for a new CEO, after Jerry Yang, one of the co-founders of the company announced to step down from the post, last month.

Miller, who headed AOL from 2002 to 2006, is considered to be the principal architect of AOL's transformation from a dial-up internet service provider to a successful online advertising company.

Roger McNamee, a co-founder of Elevation Partners, a private equity firm in Silicon Valley, told The New York Times that this would be a very hard number to raise even in an effervescent financial market.