Yahoo is one of the backers that’s ready to throw out a funding round that values Snapchat at $10 billion, according to reports.

The Wall Street Journal quotes the all-knowing and omnipresent “people familiar with the matter”, who claim that Yahoo and Snapchat have been talking and the former is set to invest an unknown amount in the latter.

Snapchat’s next funding round, which we’ve discussed many times before, is said to value the company at $10 billion.

If you’re counting that’s about nine Tumblrs (which Yahoo purchased for $1.1 billion last May). It’s also about 10 Instagrams, and five Oculuses.

Yahoo definitely has some cash to spare, as last month’s Alibaba IPO made them a pretty penny. It appears that Yahoo’s trying to catch lightning in a bottle twice by taking a risk and investing in a company which they feel has huge potential.

In other Yahoo and messaging news, the company just acquired mobile messaging app MessageMe – possibly for “double digit millions”.