In a report published by the Wall Street Journal today they report that Microsoft will not raise it’s $31 a share bid for Yahoo stating that the original bid is looking better given the downturn in the economy and a falling stock market, the sources say.

“There’s no reason to bid against ourselves,” a source told the Journal.

The newspaper is also reporting that “other people familiar with Microsoft’s thinking say the company has no immediate plans to nominate a slate of directors to replace Yahoo’s current directors.”

The deadline is 10 days after the company announces the date for its shareholders meeting; that date has not been set.