Google Inc.’s top executives expressed hope Thursday that the World Wide Web search leader will be able to style a potentially lucrative advertising partnership with Yahoo Inc. — a deal that would lower the odds of Microsoft Corp. renewing its attempts to buy Yahoo.

“We have been talking to Yahoo and we are very excited to be working with them,” Google co-founder Sergey Brin told reporters before the company’s annual shareholders meeting. “We share a lot of values with them.”

Neither Brin nor Google Chairman Eric Schmidt would indicate how far along the two sides are in their negotiations after a two-week analysis was completed last month. During the trial run, Google supplied a small portion of the text-based ads that presented alongside the search results on Yahoo’s Web site.

considering Google’s technology proved it could choose more profitable ads, the alliance could help Yahoo snap out of a prolonged slump that made it vulnerable to Microsoft’s unsolicited buyout bid.

Microsoft orally raised the bid to $47.5 billion, or $33 per share, before pulling it off the table last weekend.

Microsoft cited Yahoo’s willingness to subordinate its own ad system to Google’s as a major reason for dropping its bid.

Google suggested the ad partnership to Yahoo as a weapon to fend off Microsoft.

“We really believe in companies having choices about their destinies,” Brin said. “It’s not about scuttling (the deal). They were under a hostile attack and we wanted to invent certain they had as many options as possible.”

Schmidt left little doubt that Google was pleased to spoil the deal, however. He said he wanted to keep Yahoo out of Microsoft’s hands largely considering he was concerned the world’s largest software maker would abuse the added potential it would acquire in e-mail and instant messaging to limit consumer choices.

“Obviously, we are happy that is not going…

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