The alternatives available to Dell include continuing with or modifying the company's existing business plan, conducting a leveraged recapitalization, changing the company's dividend policy, and potentially selling all or parts of the business.

Still, Dell's board moved forward with the proposed $13.65 a share bid because it was deemed to be the company's best option.

CNBC's report, which cited traders, indicated Icahn has met with Dell's committee and favors leveraged recap over the company to a buyout. Such a scenario would mirror comments made in February by Southeastern Asset Management.

Icahn declined to comment to CNBC.

A February analysis by Jefferies analyst Peter Misek indicates that the proposed $13.65 a share transaction could be raised as high as $15 a share, given the high multiples Michael Dell and his buyout partners could return in the proposed deal.

The prospect that Icahn joins Southeastern Asset Management in opposing the deal would add to a growing relationship between both investors. Still, its unclear whether an alternate bid for all of Dell is emerging.

The Wall Street Journal reports Southeastern may be working on a counter-offer to the proposed $24.4 billion takeover.

Notably, both investors gained seats to Chesapeake Energy's ( CHK) board in activist stakes in 2012. Currently, Icahn is also pressing activist investments in truck maker Navistar International ( NAV) and rig contractor Transocean ( RIG).

The activist is also opposing a short position taken by Bill Ackman of Pershing Square Capital in Herbalife ( HLF), which gave him easy access to the company's board.

A message left for Icahn wasn't immediately returned.

-- Written by Antoine Gara in New York

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