Tim Poulus started this round of speculation that Yahoo!'s reorganization and Semel's departure leave the door for an eBay/Yahoo! merger not just open but likely.

It would be pretty amazing, actually, to see the two together. Very different office and leadership chemistries. Merging Skype/Y!Messenger would pool some amazing talents and extraordinarily large user communities. And who wouldn't want click-to-call integration all over the Yahoo! properties? Janet Driscoll Miller thinks bringing PayPal to Yahoo! and Yahoo! advertising to eBay sellers would be big business.

But I don't think it's going to happen. What would a merger produce that partnering agreements wouldn't?

Watch Mojo thinks it would be hard for Yahoo! shareholders to take the lower P/E and P/S multiples that come with eBay's transactional vs. advertising business. But Krish thinks this might be the best merger on Yahoo!'s horizon.

So how about it? eBaYahoo! anyone?