Creating and sharing short videos less than a minute long are all the rage these days. Vine and its six second long video sharing network has skyrocketed past the likes of Instagram in the social media realm. And speaking of Instagram, Facebook is rumored to be eyeing a new video feature to drive more traffic to the amateur photography site. So it’s no wonder that Yahoo is considering buying Qwiki, an iOS video making app that allows users to turn photos, music,and videos into short movies for $50 million.

Marissa Mayer has already proven she can be an aggressive leader at the helm of Yahoo, having bought Tumblr for a cool $1.1 billion and throwing Yahoo’s hat in the ring for movie streaming site Hulu. Now in another attempt to keep her site relevant, Mayer will keenly consider Qwiki to compete with Vine and Instagram, social sharing sites already rooted in the video sharing boom.

AllThingsD reported this morning that “Qwiki and Yahoo are in advanced stages of discussion over the acquisition.” Things could go rather smoothly seeing as how Qwiki and Yahoo have partnered up in the past on a publishing platform for creating quick interactive stories. Since then, though, Qwiki has focused its sights on the mobile sphere with its iPhone app, a similar direction Mayer is looking to take Yahoo.

And while Qwiki could be the next great video sharing app, that’s not quite what they want to be known for. CEO and co-founder Doug Imbruce said in an interview back in February that “We don’t want to be the world’s 10th video-sharing app. There are plenty of those. We want to be the first real storytelling app.”

Also noteworthy is the fact that Qwiki has raised $10 million in venture funding, most particularly from Lerer Ventures and Lightbank, as well as Facebook co-founder and expatriate Eduardo Saverin.

Yahoo has yet to confirm the rumors and likely won’t until its board of directors approves the deal, in similar fashion to its acquisition of Tumblr. In the meantime, though, stay tuned to BostInno for the latest news regarding the possible deal.