Google is buying DoubleClick. Microsoft is acquiring DoubleClick. AOL is in a bidding war for DoubleClick. None of these is actually true – at least not right now.

Nothing gets people gossiping more than the hint of an acquisition – especially if the company’s stock is publicly traded. So this week’s published report in the New York Post that DoubleClick is likely to be bought for up to $1.2 billion by San Francisco buyout firm Hellman & Friedman has whipped the affiliate and online marketing community into a frenzy.

It has also fueled a spike in trading and sent shares of DoubleClick soaring. It closed on Thursday at $8.56 after heavy trading, 18 percent.

I’ve been hearing from a lot people about what might be happening with DoubleClick. It seems that everyone is willing to put forth their “educated” speculation on potential buyers, whether they actually have the inside scoop or not. Naturally, DoubleClick management isn’t talking.

The most commonly mentioned bidders for the Internet marketer include also include a pair of private equity firms – General Atlantic Partners and Cerberus Capital Management. Industry watchers claim a privately equity deal would make a lot of sense, because these types of firms would have the advantage of selling the entire company at once, with any breakup of its operations conducted under the new owner.

Back in October, DoubleClick publicly admitted it hired Lazard Freres & Co. to explore the sale of part or all of its operations, which are primarily split between its Internet advertising management services and a more traditional database marketing division.

Also at that time, rival ValueClick’s CEO James Zarley, said his company might be very interested in purchasing Performics, an affiliate network DoubleClick purchased in May 2004 in an all cash deal estimated at $58 million.

Performics is attractive to ValueClick (which owns affiliate network Commission Junction) because its business is split 50/50 between affiliate marketing and search engine marketing, a booming area Commission Junction is aggressively pursuing.

News of the potential acquisition of DoubleClick came just days prior to its reporting a $900,000 first-quarter loss. However, Performics was a bright spot for the quarter. Performics products recorded revenue of $6.3 million, a more than 50 percent increase over the same quarter last year.

Let me know what you’ve heard about DoubleClick’s potential buyout.