Google's Brin 'excited' about working with Yahoo

"We have been talking to Yahoo and we are very excited to be working with them," Google co-founder Sergey Brin told reporters before the company's annual shareholders meeting, according to the Associated Press. "We share a lot of values with them."

Brin and Google Chairman and chief executive would not indicate how far along the talks with Yahoo are. Recently, Google and Yahoo successfully completed a limited test-run of Google text ads on the portal's site.

An expanded partnership would draw the attention of anti-trust regulators as the companies hold the top two spots in advertising market share in the U.S. A partnership would help Yahoo, which has been struggling with its proprietary advertising system.

"If there were a deal (with Yahoo), we would anticipate structuring the deal to address the antitrust concerns that have been widely discussed," Schmidt said.

Shares of Google were up $4.01, or 0.69 percent to close at $583.01 on Thursday.