"If all goes well, the various Microsoft and Yahoo execs–who have been ferreted away over the last weeks busy dotting all the i’s and crossing all the t’s on the massive document–could even turn in their deal homework to their bosses for signature by the end of the week," says Swisher. She cites "sources close to the situation" as the basis of her lead.

The deadline for completing the agreement was October 27, but both companies basically chalked up the lack of completion to the size and complexity of the document. They want to make sure all of the details are in there and are clear.

The deal isn’t just waiting on the two companies to finalize a document, though. It also requires the approval of a bunch of government regulators, and not just in the U.S.

"And, several sources said those government approvals are now nearing completion at the Justice Department, even though the Federal Trade Commission might still ask for more assurances on privacy issues related to online advertising and consumer data issues," writes Swisher. "International regulatory approval is another story, especially in Europe, which could further delay the implementation of the partnership, since it is unlikely the pair would move forward without clearance globally."

Yahoo and Microsoft are both still expecting the deal to officially close early next year. Do you think it will happen? Share your thoughts here.