Billionaire Carl Icahn is deciding whether to challenge Michael Dell in VMware, sources told The Post.

Dell said Monday his company would pay $21.7 billion in cash and stock to buy back the tracking stock tied to its interest in software outfit VMware, returning the computer maker to the stock market without an initial price offering.

Icahn in recent months has bought much of the tracking stock and is considering pushing Dell for more money to make for less of a discount between the tracking stock and VMware, which will remain publicly traded, sources said.

Dell issued the tracking stock in 2016 to buy data storage company EMC Corp. for $67 billion, because it could not pay for the deal in cash. EMC owned the majority stake in VMware, which Dell inherited.

Icahn did not return calls.