The bidding wars have officially begun for those attempting to take a portion of what was once one of the Internet's most formidable firms. With Yahoo Inc. finally offering its core Internet business, as well as its stakes in Alibaba Group Holding Ltd. for sale, potential suitors for the internet firm have emerged.

Sources, who have opted to remain anonymous, have stated that Yahoo advisers already narrowed down the list of potential buyers for its core Internet business. The sources further stated that advisers from the once-dominant web giant have asked those interested in acquiring a stake in the company to submit their final proposals on or before April 11.

Yahoo's request was sent to the potential bidders through a letter, which included a request asking bidders to provide details on financing, conditions of approval that would have to be met by Yahoo itself, as well as any key assumptions that the companies would be making if ever a deal does move forward.

Of course, the letter to the potential buyers also asked about what assets they are interested in, as well as the final bidding price.

So far, Yahoo has not issued a statement confirming or denying the reports.

Considering the state of the internet firm, however, an April 11 deadline does make sense. After all, if the final bids are evaluated by April, Yahoo would be able to possibly close a deal by June or July. Coincidentally, those months also coincide with the date that the annual shareholder meeting is usually held. Unsurprisingly, Yahoo has not provided the final date for the meeting this year.

After years of being in dire financial straits, Yahoo has found itself under intense pressure to get an auction process moving before summer when an all-important vote is set to be decided by the shareholders which might very well replace all nine members of Yahoo's board of directors. Led by activist investor Starboard Value LP, the initiative to replace the firm's board of directors was incited by the current board's alleged inability to handle issues in a timely manner.

Regardless of the date, however, one thing is certain: the next few months will be very important for Yahoo.