When Facebook introduced Graph Search in January, it was perceived as a threat to social reviewing site Yelp. Despite that — or possibly because of it — Yelp is interested in teaming up with Facebook.

Yelp Chief Financial Officer Rob Krolik told Reuters:

We are actually happy to partner with Facebook (for Graph Search) if that’s something that they’re interested in.

Facebook and Google and some other players really are attacking the local space via technology. I just don’t think people go to Facebook to find a great local business. I think they connect with their friends, see a lot of photos.

Reuters said Facebook would not comment on a possible partnership with Yelp, but it did get input from some analysts.

Macquarie Research Analyst Tom White told Reuters he didn’t feel that a partnership would happen between Facebook and Yelp, because Facebook had access to enough data to proceed on its own, adding that Yelp would benefit if a partnership did materialize:

It would mean broader distribution for their reviews, and more people reading their reviews. It’s not directly a revenue generator, but in theory, it would increase the value of advertising on Yelp, just because you’re getting it out to more people.

And Jefferies Analyst Brian Fitzgerald told Reuters the potential partnership would put Yelp in a better position to compete against Google, adding that Yelp would also represent a prime acquisition target for companies like Facebook, Google, and Apple.

Readers: Do you think Yelp and Facebook will partner up?