Influential AOL Time Warner shareholders are planning an attempt to oust former chairman Steve Case and two of his allies from the board.

Several investors have already discussed plans to vote against Mr Case and two other directors, Miles Gilburne and Kenneth Novak, when they are nominated for re-election in May.

Although unlikely to muster enough support to succeed in their bid, the move shows the depth of feeling against Mr Case that still exists among some shareholders.

Despite agreeing to step down as chairman, the internet visionary who engineered the record-breaking £66bn merger between AOL and Time Warner remains head of the company's strategy committee.

Mr Case announced his resignation earlier this month in the face of growing opposition from shareholders who have seen the value of the company plummet by 70% over the past two years.

Shares have fallen as the company's online unit, once seen as the jewel in its crown, has been dented by falling subscriber growth, shrinking advertising revenues and a government investigation into accounting practices.

Although chief executive Dick Parsons, who also recently replaced Mr Case as chairman, insisted the company had no plans to spin off the America Online unit some investors and analysts are still keen.

They believe that if Mr Case could be ousted from the board along with his two key allies from the pre-merger days, the way would be clear to once again split up the two companies.

Proponents of spinning off the internet unit believe that it would enable Time Warner's assets, which include CNN, Time magazine and the movie studio behind Lord of the Rings, to return to their rightful value.

Some also feel that, simply by remaining on the board, Mr Case is sending out a bad signal to the market at a time when it is trying to get back to basics and disassociate itself from the dotcom hype that surrounded its merger in 2000.