AOL, fresh off its $850 million purchase of social network Bebo, is now eyeing KickApps, a white-label social software company, reports Kara Swisher. Her sources peg the deal price at around $90 million. The deal hasn’t been inked just yet. KickApps, based in New York, has raised $17 million from Softbank Capital, Prism VentureWorks and Spark Capital. I contacted one of their investors but he wouldn’t comment on the rumor.

Update: As an aside, KickApps CEO Alex Blum is an ex-AOLer. I checked with my sources and it seems like AOL isn’t the only candidate looking at KickApps and the $90 million number isn’t even close to what company wants. Given that they have raised $17 million, KickApps must have a valuation of $40-50 million, and their investors must be looking for at least 3x return on their money.

When I asked AOL COO Ron Grant if AOL was going to be doing any more deals soon, he declined to comment but said the company will be “aggressive.” I have heard from multiple sources that AOL is kicking the tires at many Silicon Valley startups. From the looks of it, Time Warner is ready to spend to do a complete makeover of AOL. Call it dressing up before a spinoff, regardless of what happens with Yahoo.