Facebook.com, the popular college social networking site, that recently turned down an offer for the site has recently entered into negotiations with Yahoo.

Yahoo!News Reports:

Social-networking Web site Facebook.com is in serious talks to sell itself to Internet media company Yahoo Inc. (Nasdaq:YHOO - news) for an amount that could approach $1 billion, The Wall Street Journal reported on Thursday.

Facebook, which has been at the center of takeover rumors for months, also held separate discussions with Microsoft Corp., the world’s largest software maker, and media conglomerate Viacom over the past year, the Journal reported, citing people familiar with the matter.

In March, BusinessWeek reported that the company had turned down a $750 million offer and hoped to fetch as much as $2 billion in a sale. It has been separately reported that Viacom held talks to buy Facebook.

Mark Zuckerberg, founder and creator of Facebook, created the site as a way to network with individual friends and friends friends.

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It took off on college campuses in the wake of the rapid rise and subsequent decline of Friendster, the pioneering social network in 2004. In two years, it has become the primary online meeting place for a generation of U.S. college students.

Today, Facebook is rapidly expanding, moving outside of the college community into high school social networks.