It has been reported that search engine giant Google, which is currently on a takeover spree, is in advanced talks with Yelp to acquire the firm in a $500 Million deal. There is reportedly an 80% chance that the deal would get through, and Yelp will be one of the many Google owned small businesses.

Founded in 2004, Yelp is basically a review site which lets users leave comments and personalized reviews on local businesses. For 2009, the firm is expecting a revenue of about $30 Million, and its 2010 revenue will be somewhere around $50 Million.

Yelp has a global monthly traffic of nearly 9 million unique visitors, a figure that has been confirmed by Comscore, a marketing research company. The firm itself, however, claims that the traffic is 25 million unique visitors.

Both the firms have been talking about the acquisition for several years now, but the talks have taken a very serious turn over the past 2 months. Although no official confirmations about the deal have been made by either Google or Yelp, sources are sure that it will be publicly unwrapped real soon.

Google recently acquired AdMob for $750 million and is also looking to close a deal with Lala.