I just noticed this rumor.
Rumour: Microsoft to buy Second Life - Linden Labs goes on sale as UK office shuts down, quietly | TechEye
My initial take: It is too soon, so I say not yet. Entertaining people at Microsoft is not "making a bid". I am checking some sources and will report if I hear anything.
On the other hand, Second Life will never be as inexpensive to buy as it is right now. And I did put a substantial probability to something like this happening in my 2010 predictions.
Update from Eddi: Some people I know at Microsoft are highly skeptical and doubt that this will happen.
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