SAN FRANCISCO -- Billionaire investor Carl Icahn reportedly plans to try overthrowing Yahoo's entire board to clear the way for Microsoft to renew its attempt to buy Yahoo.

Icahn, who acquired about 50 million Yahoo shares this month will nominate an alternate slate of 10 directors for election at the company's annual meeting in July, The Wall Street Journal reported Wednesday evening in a story that cited an unnamed person close to the matter.

Yahoo has set a Thursday deadline for submitting the alternate nominees.

Icahn didn't immediately return calls seeking comment.

Icahn hopes to capitalize on a shareholder backlash against the Yahoo board's handling of Microsoft Corp.'s unsolicited takeover bid.

Microsoft dropped the bid after orally offering $47.5 billion, or $33 per share, only to be told Yahoo's board wanted $53 billion, or $37 per share.