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The Wall Street Journal is reporting that Yahoo's board of directors has approved the $1.1 billion cash deal to acquire Tumblr. If true, then this would be the company's largest--and smartest--purchase since Marissa Mayer came on board as CEO last year. Mayer is scheduled to be in New York City for a big announcement on Monday, and we're guessing the news has to do with this.

Yahoo's been in revamp mode as of late, and bringing Tumblr under its umbrella would certainly boost its credibility among a younger demographic.

This also puts David Karp, the founder and CEO of Tumblr, in an interesting position, to which Reuters' Anthony DeRosa pointed to on Twitter: "Can Tumblr now reject and shop around for a better offer than Yahoo?"

More on this as it develops.

RELATED: Why a Yahoo Acquisition Spells Trouble for Tumblr

[via The Verge]