Yahoo’s efforts to stay free of Microsoft’s clutches may depend on Microsoft. Though Microsoft said it isn’t interested in a takeover of Yahoo, a couple of wealthy investors may think it could happen with the right motivation.

Carl Icahn got the ball rolling by announcing an intention to boot out Yahoo’s board and replace it with his ten-man slate of directors. Icahn purchased millions of shares of Yahoo and lambasted Yahoo’s board for its handling of negotiations with Microsoft.

Bloomberg now notes how another investing giant tagged along for the fun after Icahn picked up those shares. Pickens told CNBC he decided to pick up shares after seeing Icahn’s interest in Yahoo.

The reasons for doing so seem clear. Get Microsoft and Yahoo back to talking about an acquisition, one that likely falls in the $34-$35 per share range, while the big investors pick up a quick profit on the way out the door.

Yahoo and Microsoft have been rumored to be in negotiations regarding Yahoo’s search business. Microsoft covets Yahoo’s search and contextual advertising as it hopes to pry some billions away from market leader Google.

Whether or not the likes of Pickens or Icahn will be satisfied with that is another story. But so far, Silicon Alley Insider believes Icahn made $120 million on paper with his Yahoo buys.