Google looks set for another ad partnership with a social networking site – although this one’s not on the same scale as the huge, £500m deal it struck with Myspace last year.

Bambi Francisco reports that the search giant has tied up an agreement with Friendster, one of the first social networking ventures, but one that has since fallen way behind the likes of Myspace and Bebo.

The report, which follows an interview with Friendster CEO Kent Lindstrom, says:

“Friendster – the pioneer social network founded in 2002 by Jonathan Abrams – is going to partner with Google to place ads on the community site and to power the search technology. It’s a deal similar to the Google/MySpace partnership inked last year. The financials were not disclosed for the approximately two-year deal.

“Of course, Friendster’s sub-1 million monthly unique visitors pale in comparison to MySpace, so it’s hardly close to the $900 million that Google agreed to pay News Corp to be the ad provider and exclusive search engine for Fox’s online properties, including MySpace. By partnering with Google, Friendster will stop using Yahoo as its search engine.”

Although no figures have been mentioned, the deal should be a nice boost for Friendster, which the report says is positioning itself as the main social network for “single, young professional right after college who wants to just stay in touch with friends.”