Google’s Eric Schmidt might hog the headlines today, but that doesn’t mean the search giant will be taking a break; news has filtered through that Google are set to launch Google Offers, which is set to compete with Groupon.

At the end of last year, Google Inc failed in their attempt to buy Groupon, the website that brings subscribers daily deals from local businesses, but will now forge ahead with their own version.

Mashable revealed the news after receiving confidential documents from an unnamed source, which suggested the Google Offer format would be similar to Groupon’s; offering huge discount deals at businesses in the user’s locale over an alloted time period.

It is also suggested that the new service will be powered by Google Checkout and feature options to share info across the major social networks.

A statement to Search Engine Land reveals an official response from Google;

“Google is communicating with small businesses to enlist their support and  participation in a test of a pre-paid offers/vouchers program. This  initiative is part of an ongoing effort at Google to make new products, such as the recent Offer Ads beta, that connect businesses with  customers in new ways. We do not have more details to share at this time, but will keep you posted.“

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