The social web is finally starting to really monetize its traffic, answering questions that many (including myself) have had over the last few years as to how social media companies would create value and make money going forward, other than simply connecting people and allowing them to create and share online content.

Zynga, the maker of FarmVille, Mafia Wars and a wide variety of other popular Facebook games, is now in talks with potential investors about raising around $250 million in new funding, which could value the company between $7 billion and $9 billion, according to a recent report in The Wall Street Journal.

The article cites “people familiar with the matter,” and notes that Zynga filed papers last April that valued the company at $4 billion. According to the WSJ report, however, “any decision to raise a fresh round of funding” by Zynga “could be weeks away and may not happen.”

If the talks come to fruition, though, the valuation would put Zynga in the realm of other hot social media companies. Twitter, for instance was recently valued at $8 billion to $10 billion, and Groupon meanwhile is said to be valued at between $15 billion and $20 billion.