In Silicon Valley, it’s not tough to find someone to offer advice on how to save Yahoo, the struggling Internet portal that fired CEO Carol Bartz last week.

But one voice that the Sunnyvale, California-based company may want to pay attention to is Reid Hoffman, the co-founder of LinkedIn-turned-venture capitalist, and one of the most respected players in the fast-growing social networking market.

While investment bankers and private equity advisors are circling around Yahoo, looking for the best way to break the company into little pieces that can be auctioned off to the highest bidder, Hoffman thinks Yahoo may still be able to pull off a comeback.

“I think renovation and rebirth is possible and I think that’s the play you make,” Hoffman said, citing the Apple example, at the TechCrunch Disrupt conference in San Francisco on Monday.

How would he do it?

First, Hoffman said he’d focus on investing the resources to make big technological innovations on Yahoo’s most popular online assets, such as its Web-based email product, Yahoo Finance and Yahoo Groups.

Then, he suggested, Yahoo to end its reliance on online brand advertising and get creative about how it makes money.

“There are other kinds of business models that I think we have yet to invent on the consumer Internet,” Hoffman said, citing Zynga, which has developed revenue from new sources, such as the sale of virtual goods that enhance the experience of Zynga games.

So there you have it, a simple two-step plan to revive Yahoo. Perhaps Reid Hoffman should call Yahoo co-founder Jerry Yang directly…

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