Yahoo's board of directors is expected to face a tough time at the company's annual shareholders meeting on 3 July.
Eric Jackson, president of Ironfire Capital in Florida, said some shareholders are still in disbelief that Yahoo turned down Microsoft's acquisition bid, and they're talking about proposing a new slate of directors to replace the current Yahoo board.
"It's something we're definitely talking about with others, although at this [point] there's nothing definitive," Jackson said. "I'm not the only one talking to people about doing this. Everyone is weighing the positives and negatives of doing something like that.
"I think people realise that the shareholders are very upset. Nobody's happy, nobody's even neutral. They're really upset and they're still in disbelief several days later that we're in this position."
Yahoo declined to comment.
Although Jackson only has 96 of the 1.4 billion outstanding shares of Yahoo stock, the Associated Press reported that Yahoo stockholders with about 3 million shares have agreed to support Jackson in his attempts to replace the board.
According to the AP, even if Jackson doesn't assemble a new slate, he plans to urge shareholders not to re-elect of Yahoo's current directors. According to the wire service, in the months leading up to last year's annual shareholders meeting, Jackson organized an online protest against Terry Semel, who at that time was Yahoo's chief executive.
At that meeting, Jackson confronted Semel, asking him if he still had enough "fire in his belly" to do his job.
Semel resigned six days later and Yang became chief executive.
Jackson has until the end of business on 15 May to submit an alternative slate.
This week, it also emerged that some Yahoo shareholders were suing the company over the failure of the Microsoft deal.