Billionaire activist investor Carl Icahn is accumulating a significant stake in discount chain Dollar Tree Inc., the New York Post reported on Tuesday.

Icahn's plans for the stake were not immediately clear, the Post reported. 

Icahn's previous foray into the discount retailing industry resulted in the sale of Family Dollar to Dollar Tree in 2014. He was then Family Dollar's largest shareholder.

Neither Icahn nor Dollar Tree responded to Reuters' requests for comment.

Dollar Tree shares (DLTR.O) jumped as much as 7.1 percent to $86.70 on Tuesday, the biggest intraday spike since February. The stock had fallen almost 25 percent this year through Monday’s close.

Shares of competitor Dollar General Corp. also surged after the report.