UPDATE: JAL has spoken – it has spurned Delta in favor of continuing its relationship with American.

EARLIER: You have to admit, this whole thing with JAL (Japan Airlines) sounds kind of like a primetime soap opera.

The Asian carrier which declared bankruptcy last month is the “bachelor” (sort of) in a triangle that pits American and Delta fighting to win JAL’s love – or rather, a partnership with the airline.

Actually American Airlines and its Oneworld alliance of global partners has the longstanding alliance with JAL, but in wake of the bankruptcy, the carrier has signaled it may switch – and Delta and SkyTeam entered the fray, trying to “woo” JAL to their team. At stake is the lucrative Asian-Pacific market, seen as the world’s fastest growing aviation market.

And according to news reports (and USA Today has the roundup), JAL can’t seem to make up its mind – though the Wall St. Journal suggests the carrier is now leaning back toward American.

No final decision has been made yet though. Maybe we’ll hear more by Valentine’s Day.