The electronics giant previously shunned big acquisitions, and the latest deal underscores a strategic shift as the company tries to break into the high-barrier automotive industry where it has little track record.
It was not clear why there was such a marked decline in the proportion of women leaders at Yahoo, which is led by Silicon Valley's most powerful female CEO, Marissa Mayer.
Verizon has had preliminary briefings from Yahoo but it still needs 'significant information' from the company before it makes a final decision on the acquisition.
Cabela's has struggled with declining sales of apparel and footwear and has reported same-store sales growth in only one quarter in more than three years.
A news report, citing sources close to the talks, said execs at the two firms had met several weeks ago and had spent several hours looking at whether a strategic combination might make sense.
HPE is expected to have $33 billion in annual revenue after the spinoff and will concentrate on its remaining enterprise group that includes its cloud services business and makes servers, routers and switches.