Venture capital money’s been tight in recent months, but looks like one tech outfit’s getting the VC seal of approval:

Twitter, the social networking site that’s recently become all the rage among micro-bloggers.

TechCrunch reports that Twitter may have signed a term sheet with one or more venture capital firms that would value the microblogging company at $250 million.

Although it did not provide specifics, the report cited “a source with knowledge of the deal.”

Last fall, it was rumored that Facebook tried to buy Twitter for a cool $500 million. But that was last fall when almost everything was worth more than it is now.

Tags: blogging, social networking, Twitter, venture capital