Yahoo is reportedly considering selling their 48.6-acre property in Santa Clara as part of their bid to improve their struggling business.

According to Nathan Donato-Weinstein of Biz Journals, three sources confirmed that Yahoo is quietly shopping the development site, which is not too far from the Levi's Stadium -- the home NFL team San Francisco Giants. Brokers for the Internet giant have already reached out to possible buyers.

Reacting to the news about the possible sale, Yahoo spokeswoman Carolyn Clark confirmed that they are exploring the sale of their property because of the improving interest in the development site.

"With the active real estate market in Silicon Valley and considerable interest having been expressed in the property, we are exploring all of our options including a possible sale," Clark said in a statement via San Jose Mercury News.

Yahoo declined to name potential buyers, but Cushman & Wakefield senior vice president Gary Hansen said that Apple and Google could be interested in purchasing the land.

Yahoo bought the land in 2006 for $106 million, when the Internet giant was still enjoying tremendous success. It was viewed as a site for possible expansion in the future. However, Yahoo is now struggling and has experienced decrease in ad sales.

While the possible sale of the land will give Yahoo additional cash to fund for spinning off their core Internet business, the report pointed out that the company still needs to make bold moves, including decreasing their workforce by laying off a huge chunk of their 11,000 employees.

SpringOwl Asset Management managing director Eric Jackson recently suggested that Yahoo should slash their annual cost. Aside from cutting their workforce, Jackson insisted that they should decrease budget for free food and expenses allotted for executives going to important events.

Jackson, who also said that the company should consider replacing CEO Marissa Mayer, added that the possible sale of the Santa Clara property is a good move but will not be enough to gain momentum in the coming years.

"I think it makes sense," Jackson said of the possible sale. "Our argument was they have way too many employees even still, and they need to dramatically cut because the profitability's been shrinking for the last three years. There's been outside pressure on the company building this year."

On the other hand, Pivotal Research Group analyst Brian Wieser said selling the property is a logical move for Yahoo because the company has enough space for the current workforce. Wieser views the plan as an "opportunistic cleanup" of company's valuable assets.