It is all rumours of course as neither Icahn's office and RIM were not speaking to Reuters about it.
RIM needs a white knight at the moment and if Icahn takes a stake in it, he would want a seat on the board and people to call him "sir". From the investors' point of view he would call for things like the break-up of the company or outright sale.
Shareholders have been growling at RIM's board for ages. The feeling is that it is too weak to stand up to the rule of the double CEO which is leading it down the gurgler.
Vic Alboini, the chief executive of Jaguar Financial, told Reuters that Icahn could be just what RIM needs as he has been very good shareholders in catalytic situations that he has been involved in.
He invested in Motorola, which he first pushed to split into two companies. One was called Motorola Solutions, which sells wireless equipment, and Motorola Mobility which includes its handset and set-top box business.
Icahn later pushed for Motorola Mobility to split off its patents from its handset business. Earlier this year, Google paid $12.5 billion to acquire the business.
It has not gone all Icahn's way. He failed to take over the board of bleach maker Clorox, and also could not get control of the film studio Lion's Gate Entertainment.
It also remains to be seen if he can joust with the double headed monster that runs RIM.