Seeking to take advantage of "low-ball" offers from local broadcasting outfits, Yahoo is considering placing a competing bid to broadcast the Olympic Games in Canada over the Internet, according to The Globe and Mail.

Peter Sisam, a consultant who works with the International Olympic Committee (IOC) on its broadcasting deals, told the paper that the IOC has rejected two paltry bids from a partnership including the Canadian Broadcasting Corporation, and said that Yahoo has joined the conversation as one of several "other options out there."

Sources told The Globe and Mail that the Canadian group has sent proposals in the $70 million range for the rights to broadcast both the 2014 Winter Olympics in Russia and the 2016 games in Brazil. The bids represent around half of what the group paid to broadcast the 2010 Winter Olympics in its home country.

The low offers are reportedly due to the nine-hour time difference between central Canada and Sochi, Russia, as well as uncertainty over whether National Hockey League players will be allowed to participate in the games.

The hesitation from the Canadian broadcasting group has opened the door for Yahoo to steal the bid and bring Olympic coverage to the small screen in Canada, a country that has historically been very open to online streaming services. Yahoo is a particular hit amongst Canadians, garnering monthly views from around 60 percent of all Internet users in the country.

Yahoo has been working diligently the provide richer content on its website, highlighted by a recent online concert and a deal with ABC News that enables the Internet portal to redistribute ABC stories and Web videos as well as collaborate with the news organization on co-branded content.

Still, sources close to the matter told The Globe and Mail that it is hard to believe that Yahoo could outbid a joint offer from Canadian broadcasters, especially after the NHL situation is cleared up in the coming months. We'll just have to wait and see. It is believed that Yahoo has yet to make an official bid.