In what could be seen as an act of pure desperation, BlackBerry is reported to have approached social networking giant Facebook for a possible buyout bid.

According to a report from The Wall Street Journal, BlackBerry executives recently flew to California to meet up with Facebook chiefs to gauge their interes in acquiring at least a part of the company.  The reports stated if such a deal pushes forward, the world may finally see a true Facebook phone.

But anyone who bids for BlackBerry will be burdened with the daunting task of reviving a brand that’s surely on its last legs.

First off, though BlackBerry is sitting on a huge pile of cash, about $2.6 billion, and has no debt, that cash pile is slowly draining awat as the company continues to deal with weak phone sales, inventory pile up and layoffs.

Even though BlackBerry unveiled a new batch of devices early this year, it failed to pique the interest of consumers, as its new phones have nothing much to offer and updates to its mobile operating system were not forthcoming.

Still, BlackBerry has a lot to offer.  First and the most enticing for potential bidders is its patent portfolio, which analysts value at between $1 billion and $3 billion.  Second, there’s its secure network that many companies and even some governments use.  And third, there’s the BlackBerry Messaging system.  Though the release of BBM on iOS and Android was delayed, when it officially launched, many were quick to download the app.  BlackBerry proudly announced that as of today, BBM now has 20 million iPhone and Android users, and more than 80 million total monthly active users.

A FaceBerry phone?

If Facebook does acquire BlackBerry, it could greatly help the social giant in its mobile efforts, such as creating its own mobile platform or utilizing all of BlackBerry’s resources to create the ultimate social networking phone.

Earlier this year, Facebook and HTC tried to revolutionize mobile phones with Facebook Home and the HTC First, but that did not happen as things did not go as planned. Acquiring BlackBerry will allow Facebook to cut ties with other mobile manufacturers such as HTC.

Facebook and BlackBerry representatives have declined to comment on the issue.

It is no secret that the Canadian company is in hot waters so when it announced in August that it is open to the idea of selling the company, then a month later signed an intent to acquire deal with Fairfax Financial Holdings where it agreed to be acquired for $9 per share, no one was surprised.  Since the news broke, BlackBerry has been looking for other potential bidders as Fairfax looks for partners in the buyout.

Lenovo was recently rumored to be interested in acquiring BlackBerry but some stated that because of regulatory issues, as well as security issues, a complete takeover would never happen.  Lenovo is a Chinese company and regulatory boards are unlikely to allow it to handle BlackBerry’s secure network which is used to transfer sensitive information from government agencies and large companies.

Even BlackBerry’s former CEO and co-founder Mike Lazaridis has made an effort to save the company.  In an SEC filing, it was revealed that Lazaridis increased his stake in the firm to eight percent, and has pursued potential acquisition partners such as investors Centerview Partners and Goldman Sachs.