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The company's quarterly filing with the Securities and Exchange Commission suggests write-down may be required in the future. "We will continue to review this investment for impairment in the future. There can be no assurance that impairment charges will not be required in the future, and any such amounts may be material to our Consolidated Statements of Income."

Google purchased a 5% stake in AOL back in 2006 in order to block off any potential deal between its largest advertising partner and Microsoft.

At the time, the deal valued AOL at around $20 billion, and though the filing makes no claims on AOL's value today, analysts suggest it's closer to $10 billion.

Time Warner, owner of AOL, announced earlier this week that it plans to split AOL's dial-up unit from its advertising business by early 2009, as it seeks to maximise the money-making advertising arm.