Yahoo's new CEO Scott Thompson, who was hired in January, is already beginning to overhaul the corporate structure of the internet giant.

AllThingsD reports that multiple sources both inside and outside Yahoo say Thompson is preparing large-scale restructuring of the company, which includes layoffs that are likely to number in the thousands.

Yahoo is expected to announce the change as soon as the end of the month. The layoffs will target Sunnyvalie, Calif, based Yahoo's product teams, says the report, though layoffs may also affect public relations and research teams. The report also says that the restructuring effort is largely being led by Thompson.

The most recent news only adds to the number of monumental changes the company has faced over the past year. In February, the company announced that chairman Roy Bostock and three other members of the board--Vyomesh Joshi, Gary Wilson and Arthur Kern--would be leaving the board. Their departure followed that of Yahoo founder Jerry Yang.

Boston Consulting Group has reportedly been hired by Thompson to help focus the company on growth. As is often the case with bloated firms, BCG will begin to put the squeeze on the company through expense cuts and massive layoffs.

The report claims that Thompson is pushing for a quick change. His aggressive approach has been noted by several of the anonymous sources cited in the report. Yahoo's threat to Facebook to take legal action over unspecified patents is said to be led by Thompson as well.

In a conference call, Thompson alluded to making major changes within the company: We will do more than protect our current revenue streams, he said. We will consider new business models and revenue sources.

Shares of Yahoo fell 9 cents to $14.63 on Monday afternoon.