As recently as April, reports indicated that Yahoo might be sold from anywhere between $4 billion and $8 billion. But after investors were allowed access to nonpublic information and were subject to weeks of sales presentations, the Wall Street Journal is reporting that bids will come in much lower—between $2 and $3 billion, citing “people familiar with the matter.”

According to the report, Yahoo “has set a deadline for the first week of June … though it isn’t clear whether that will be the final round or if another one will follow.”

Fortune has reported that there is a core group of companies, with Verizon (VZ) in the lead, which are serious about acquiring the storied dotcom brand. The auction got a bit more interesting, when Reuters reported that Berkshire Hathaway’s (BRKA) Warren Buffett decided to back a consortium of investors, including Quicken Loans founder Dan Gilbert, to buy the firm.

Other potential buyers include private equity firms TPG Capital, KKR, and a team up of Bain Capital with Vista Equity Partners.