Last month it was reported that Facebook and Yahoo were close to settling their ongoing patent dispute, and it looks like today might finally be the day. According to AllThingsD, the two companies have agreed on what's described as an "extensive strategic deal," which will include a joint advertising arrangement for selling "big events and other packages" to advertising groups. Yahoo first filed a patent infringement suit against Facebook back in March, and in April the social network fired back by revealing that Yahoo was infringing on ten of its own patents. ATD reports that part of the new deal will include a cross-licensing agreement for some of the key patents in dispute. While nothing is official just yet, the deal will reportedly be announced at some point today.

Update: As expected, the news is now official thanks to a joint press release from Yahoo and Facebook. According to the pair, the new "strategic alliance" includes not only the advertising partnership and patent licensing deal, but also will "extend and expand distribution arrangements" and "settle all pending patent claims between the companies."