Well, of course they are talking, both parties would be crazy not to be at least doing that. (See Twitter = YouTube, et al). What I do know is that Google is testing a Twitter-related ad product through its AdSense network. That one you can take to the bank. It’s not particularly innovative* – it lets brands run a Twitter feed through their Adsense buy, from what I’ve heard, but at least it shows Google sees Twitter as worthy of grokking.
More on this when I have the time to write it down.
*Running feeds in ads is something FM has done for three years, and we are doing with ExecTweets now.