It appears that the biggest thing in the mobile arena these days other than the mere mention of anything to do with the iPhone 4G is mobile advertising what with the likes of Apple purchasing Quattro, and Google picking up AdMob for their Android platform.

Well according to an article over on wmpoweruser, Microsoft is now looking to acquire a mobile ad network of their very own. They base this info on an article over on business insider that claims Microsoft is looking to purchase one of the larger mobile ad networks, Millennia Media.

Apparently Microsoft is in negotiations with Millennia Media for a couple of months over a possible $500 million deal and have just about agreed the basic terms but as yet have not finalised the deal.

Although the guys over at business insider do feel sceptical as they say basically Microsoft doesn’t really need Millennia Media as they already have several mobile advertising products in house and there is no pressing need to purchase the ad network.