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The comment came as analysts and industry watchers awaited an imminent announcement on Microsoft's next move in its unresolved quest to acquire Yahoo as part of a strategy to compete with Internet advertising king Google.
Ballmer declined to say how Microsoft would react to Yahoo's rejection of its unsolicited 44.6-billion-dollar bid or when the company would announce a decision.
"With the right circumstances it'll happen. Without the right circumstances it won't happen," Ballmer told the Journal.
Citing inside sources, the paper said the software giant was now leaning toward a hostile bid, with an announcement likely Friday.
Ballmer told employees Thursday he would not pay "a dime above" what he thinks Yahoo is worth and they would know the next move in the takeover quest "in very short order."
"I know exactly what I think Yahoo is worth and I won't go a dime above," Ballmer said during an in-house exchange with employees posted on the Internet.
Analysts and others have spent the week eagerly awaiting Microsoft's next move in a saga that began when Microsoft made its unsolicited offer on February 1.
Microsoft gave Yahoo until April 26 to accept the offer but the California Internet pioneer let the deadline pass without response.
"We've got basically the three big options in front of us," Ballmer told the internal forum.
"There's the friendly deal, there's an unfriendly deal, and the third path is simply to walk away. We ought to announce something in very short order."
A source close to Yahoo told AFP the firm is awaiting Microsoft's move.
"We are all staying tuned," the source told AFP. "It is pretty clear they will have to raise their offer. Clearly, they need the company."
The Wall Street Journal said Wednesday that Microsoft's board had "indicated a willingness" to increase its initial 31-dollar-per-share offer to 33 dollars.
That might not be enough to consummate the deal, said Canaccord Adams analyst Colin Gillis.
"Yahoo has said they are open to any deal with anyone, even Microsoft, at the right price," Gillis said. "From a shareholder angle the 35-dollar price target seems to be the number."
A meeting of Microsoft's board on Wednesday reportedly ended with directors divided regarding Yahoo.
Microsoft is eager to merge online resources with Yahoo to take on Google, which dominates the lucrative Internet search advertising that is expected to grow to 80 billion dollars annually worldwide in the next two years.
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