With speculation running rampant last week following the announcement of today’s press conference, Yahoo! and Nokia have officially announced their plans for extensive collaborative efforts in order to push both brands to the next level.

The deal will see Nokia become the exclusive provider of maps and navigation services for Yahoo! by integrating Ovi Maps into existing Yahoo! services; in turn, Yahoo! will power Nokia’s Ovi Mail and Ovi Chat services. With cross-branding and the ability to use either an Ovi or Yahoo! account to log into services from both companies, the phone manufacturer and web services giant hope to expand their brands to include new audiences.

We’re excited to expand the reach of our best-in-class Mail and Messenger services, bringing personalized experiences to more people across the mobile web, particularly in emerging markets where we are seeding the next generation of Yahoo users. At the same time, we believe Nokia’s strength and continued investment in maps and navigation will greatly enhance our existing products, enabling us to focus on areas that are core to our business.

Yahoo! CEO Carol Bartz

Web search and content provider Yahoo! has announced that it will hold a major press event this coming Monday that will apparently offer news of its push on “rich online and mobile experiences, bringing forward a new era in keeping consumers connected.”

With no further details offered by Yahoo!, one has to turn to the ongoing mobile rumor mill to come up with a potential answer. The latest gossip revolves around “Project Nike,” an apparent partnership between the web services giant and mobile handset manufacturer Nokia; the joint venture would apparently see Nokia provide Yahoo! applications and services on its phones as a staple.

Until the press conference and corresponding announcement on the morning of May 24, 2010, we can only continue to guess but do check back for news when the company does reveal its plans.