SAN FRANCISCO — Running out of time and options, Yahoo Inc. again rebuffed Microsoft Corp.’s buyout offer yesterday, seeking refuge in the arms of Time Warner Inc.

Yahoo, which faces a hostile takeover fight if it doesn’t reach a deal with Microsoft by April 26, is trying to sell a substantial minority stake to Time Warner, according to people familiar with the talks. The deal being discussed would combine Yahoo with Time Warner’s beleaguered AOL Internet unit. Time Warner’s stake, if committed to support Yahoo’s management against Microsoft, would make it harder for the software giant to win a threatened proxy fight.

Yahoo and Time Warner declined to comment on the talks. Several analysts said they were skeptical that Yahoo could pull a last-minute rabbit out of its hat. “Yahoo is going to be sold to Microsoft,” a technology investment banker, Ken Marlin, said. “It’s inevitable now.”

In a letter sent to Yahoo’s board Saturday, Microsoft said it would seek to elect its own slate of directors in a proxy fight if Yahoo doesn’t come to terms within three weeks. If it does, Microsoft said, it will probably lower its price to reflect slowdowns in the general economy and Yahoo’s Web business.