Yahoo made bank from its investment in Chinese commerce giant Alibaba, and now may spend some of its winnings to take a large stake in the ephemeral-message app, Snapchat.

The Wall Street Journal is reporting that Yahoo and Snapchat have held talks that will lead to Yahoo’s major role in a new funding round for the messaging app.

Snapchat has been seeing some $10 billion valuations lately, and the new funding round, the WSJ, may confirm that number. However, it isn’t clear exactly how much Yahoo intends to bet on Snapchat.

Yahoo paid $1 billion for a 40 percent stake in Alibaba in 2005, and the investment yielded Yahoo a stake worth tens of billions of dollars. Yahoo made more that $5 billion after selling its stake in Alibaba.

That was a huge coup by Yahoo’s struggling CEO Marissa Mayer, and freed up some money for more investments.

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But Snapchat could be an important strategic tool for Yahoo. It could be Yahoo’s wedge into the mobile world, in which its brand has held very little sway. A successful investment in a hot messaging app might buy Mayer even more time with shareholders to reposition Yahoo to its former dominance.

Snapchat might also provide a way to distribute ads, apps, and other content to mobile devices. And Snapchat’s cool factor would help, too.

Yahoo declined to comment on the story.