According to multiple sources, Yahoo is getting ready for a big restructuring initiative and the first part of those changes will be laying off a significant portion of their workforce. Yahoo currently employs over 13,000 people, but plans to slowly shrink the size of the workforce will be put into place next week.

Rumors suggest that the first cuts will come from ad technology and the search segments of their staff. There has been no official word on the Yahoo layoffs, but All Things D has published names of some of the key management figures involved in the restructure and downsizing initiatives.

Apparently, the changes at Yahoo have been the subject of a lot of speculation in Silicon Valley with a few somewhat credible rumors emerging from the buzz. One of those rumors is the emergence of a small innovation-centered work group, and a second is a new global media devision comprised of components from their current search and global sales entities.

We’ll be watching for an announcement of the changes at Yahoo in the coming weeks though it is possible the changes will take place incrementally throughout 2012 and go relatively unnoticed by those outside the organization.