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Yahoo Inc could be weeks away from selling 15 to 25 percent of Alibaba Group's stock back to China's largest e-commerce company, in a deal designed to eliminate complexities that had scuttled the parties' previous negotiations, a person familiar with the matter said.

Yahoo Inc and its Asian partners, China's Alibaba and Japan's Softbank Corp, have called off talks over a tax-free sale of the U.S. company's Asian assets, a source familiar with the situation told Reuters.

Yahoo Inc is discussing a plan to slash its stakes in China's Alibaba Group and its Japanese affiliate as part of a complicated share transaction valued at roughly $17 billion, sources familiar with the matter said on Wednesday.

Yahoo and Chinese internet company Alibaba reach an agreement over its online payment service Alipay... Yahoo and Alibaba have now agreed that Alibaba would benefit from any future financial gain, such as a public offering.

Yahoo executives said they had made "significant progress" with Alibaba Group to settle a row over ownership of a key unit that affects the value of the U.S. Internet giant's investment in its Chinese partner.