That’s the word this morning from London, where “a senior City (of London) source has confirmed” that Sanofi-Aventis is once again eyeing a bid for Bristol-Myers Squibb, according to The Business, a UK magazine.

As the mag notes, talks were supposedly held earlier this year, but a deal remained elusive. And of course, speculation has been rising for days after an FDA advisory panel refused to endorse Sanofi’s Acomplia diet drug; probation ended for Bristol-Myers over an accounting scandal, and the two drugmakers won Plavix patent litigation against a generic company.

The senior source told The Business that Sanofi is already “seriously examining” an offer, although detailed negotiations are not thought to have begun again. He suggested a bid was most likely in September, but might happen sooner.

A merger would boost Sanofi’s weakened new drug pipeline and allow significant cost savings, but would have to overcome boardroom divisions. Gerard Le Fur, Sanofi’s chief executive, however, is not as sold on the move as Jean-Francois Dehecq, his chairman, says the pub.

Dehecq supposedly wants “one last transformational deal” before he retires, while Le Fur is wary of overpaying – analysts expect that Bristol Myers-Squibb would cost 22 times its expected 2007 earnings per share. Sanofi and Bristol Myers-Squibb spokespeople declined to comment.

Of course, an offer for Bristol-Myers could trigger a bidding war, with Pfizer mentioned as a possible buyer. Bristol Myers-Squibb has one of the strongest pipelines and recently added Lehman Brothers to its groups of advisers, which includes Citigroup and Morgan Stanley.

Sanofi’s share price has plummeted by 13% since the Acomplia rejection over psychiatric side effects. The drug was expected to be a blockbuster, and if the FDA rejects it outright, Sanofi’s earnings forecasts would be reduced by at least 5 percent annually over the next five years.