According to the report, the meeting occurred near Yahoo headquarters in Sunnyvale, Calif. The companies also reportedly met to discuss Microsoft's proposal on March 14.
The sources told the Journal that neither meeting included bankers.
Both Yahoo and Microsoft declined to comment on the report today.
[ Read continuing coverage of Microsoft bid to take over Yahoo in InfoWorld's special report. ]
The sources told the Journal that Microsoft executives did not raise their offer, and that Yahoo executives refused to enter formal negotiations without an increased offer.
Microsoft's bid was initially worth $44.6 billion, however a decline in the price of Microsoft's shares reduced the offer to about $42 billion.
Yahoo rejected Microsoft's offer on Feb. 10, saying it undervalued the company. The sources told the Journal that Yahoo's executives see no point in holding talks based on that offer.Computerworld is an InfoWorld affiliate.