Posted April 3, 2009 9:03 am by with 12 comments

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Rumors that Google is in negotiations to buy Twitter have been running rife for the past few months. TechCrunch kicks things up a notch by passing on a new rumor that “Google is in late stage negotiations to acquire Twitter.”

But, before you either jump for joy, or abandon ship, AllThingsD pulls a Lee Corso’eque “not so fast!”

While the “news” that Google was in “late-stage” talks to acquire Twitter, which TechCrunch reported last night, certainly sounds exciting, it isn’t accurate in any way, according to a number of sources BoomTown spoke to close to the situation.

In fact, Twitter and Google have simply been engaged in “some product-related discussions,” according to one source, around real-time search and the search giant better crawling the microblogging service.

At this point it’s hard to determine which is the more likely scenario. It seems pretty clear that Twitter will continue to grow in stature, so Google would be wise to buy the company now–before its valuation skyrockets.

However, Google also once tried making a go of the microblogging space–and failed miserably–so perhaps simply doing a partnership with Twitter is the better option.

What’s your take?