Seems like Yahoo’s $5 billion in Alibaba money is already on the move.

The Wall Street Journal is reporting that the Internet and media behemoth is looking to invest in Snapchat’s next funding round, though the exact size of the investment is unclear. This current round of funding is expected to value the Venice photo and video messaging app at $10 billion.

Since Chief Executive Marissa Mayer took the helm of Yahoo in July 2012, the company has gone on a spending spree, acquiring more than 40 companies, including blogging site Tumblr for $1.1 billion. An investment in Snapchat could greatly benefit Yahoo, which is still often associated with the dot-com era of the 1990s. A millennial favorite, Snapchat commands a strong presence among young eyes with more than 700 million messages sent a day.

For Snapchat, it’s another affirmation of its ability to capture high investment interest despite the fact it has yet to turn a profit or offer a clear revenue model. VC firm Kleiner Perkins Caufield & Byers was also said to be investing in the latest round, <a href=”http://putting up $20 million.

Yahoo and Snapchat representatives did not respond to requests for comment Friday.

Staff reporter Melissah Yang can be reached at [email protected]. Follow her on Twitter @MelissahYang for the latest in L.A. tech news.