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Carol Bartz, 60, still serves as executive chairman of Autodesk, where she was chief executive from 1992 - 2006. She also sits on the boards of Cisco Systems and Intel.
While Yahoo! has not made an official announcement, the WSJ says its a done deal.
Yahoo! stock is down 2.5%, to $11.91, at the time of this writing, in late trading.
2008 was a turbulent one for Yahoo!, with Microsoft trying (and failing) to buy Yahoo!, a decision which in hindsight was a very bad one for Yahoo! Additionally, the ad deal Yahoo! signed with Google was dropped after resistance from regulators.
After that last turn of events, Jerry Yang announced he was stepping down as Yahoo! CEO.
In addition to Carol Bartz, reports were that Yahoo! considered current Yahoo! President Sue Decker, as well as former Vodafone CEO Arun Sarin.