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Back in January, it was reported that Microsoft could invest in Cyanogen, Inc. to help the budding platform break away from Google. But according to a new report from Bloomberg, Microsoft will not be investing after all — at least not for now.

"Cyanogen Inc. is close to an agreement on a new $110 million round of financing," Bloomberg reports, citing sources familiar with the matter. But Microsoft is not one of the names behind the massive investment.

It's thought the software giant backed out of any potential deal following early negotiations, but sources say it may still be interested in an agreement that would put its apps and services into Cyanogen software.

Microsoft recently agreed a similar deal with Samsung, which means apps like Office and Skype come pre-installed on the new Galaxy S6 and Galaxy S6 Edge. In the past, the company has complained that Google has "blocked its programs" from the Android OS, Bloomberg says.

Neither Cyanogen or Microsoft are commenting on the funding round, which could value Cyanogen at $500 million or more, sources claim. But even without Microsoft's involvement, the investment is a big deal for Cyanogen and fans of its software.

Earlier this year, Cyanogen CEO Kirk McMaster revealed that the company wants to adapt CyanogenMod to directly compete with Android. "Today, Cyanogen has some dependence on Google," he said. "Tomorrow, it will not. We will not be based on some derivative of Google in three to five years."