Billionaire investor Carl Icahn is considering a proxy fight to unseat Yahoo! Inc. board members at its July 3 annual meeting, sources said Wednesday.

Icahn has made a run on Yahoo! shares, purchasing 4 percent of the company since Microsoft Corp. backed away from its bid to purchase Yahoo! on May 3, the Los Angeles Times reported.

The sources told the newspaper Jana Partners and Scott Galloway, founder of Firebrand Partners, are also considering a proxy fight with Yahoo!

Jana Partners has combined forces with Icahn in previous proxy battles, the report said.

The deadline for nominating board members is Thursday, but the sources said Icahn's strategy may include asking Microsoft to return to the negotiating table with Yahoo!

Galloway, Icahn, Jana, Yahoo! and Microsoft all declined invitations to comment, the Times reported.