Microsoft and Yahoo could still sign a deal to team up in the search and advertising online space.
It seemed that a possible deal between the two brands was dead in the water after a takeover bid from Microsoft, rumoured to be around £30m, was rebuffed by Yahoo.
However, board member Icahn has spoken out on the subject, stating he still thinks the 'synergies' of such a tie-up would work well.
"I've been a strong advocate of getting a search deal done with Microsoft," Icahn told Reuters. "It would enhance value if a deal got done, because of the synergies involved."
New deal coming
Other sources are also stating the two industry giants will announce a tie up as early as next week, with Microsoft apparently paying several billion pounds to take over Yahoo's search advertising business.
The deal would likely mean Microsoft would handle the search side of things, with Yahoo concentrating on the advertising for the two sites, meaning it would continue to get payments as part of the deal.