RadioShack Corporation (NYSE: RSH) is one of those buyout names that just won’t go away. The rumored acquirer has always been Best Buy Co., Inc. (NYSE: BBY). And while no firm or credible rumors have been heard in recent days, the options trading threw up a flag today. Since Lance Armstrong is out of the Tour contention, the activity is not likely based upon a sports tie.

Call options are elevated and the shares are trading up 4% at $22.40 on the day after having been up as much as 7% today. We have seen almost 8,000 of the active July calls trade and expiration is this Friday.

The longer-dated contracts are not seeing any telling activity. But more than 2,000 contracts traded in the RSH Aug 25 Calls, with a last price of 65 cents and only a puny 489 contracts in the prior open interest. Could The Shack fetch $26 in a deal by Aug. 20? That’s what someone seems to be betting with these calls.

The big surprise is that none of the active call options have an open interest of more than 10,000 contracts. That means that the bet in options is not a very crowded bet for a stock that trades close to 4 million shares in a day.

The options activity suggests something is brewing, but rumors have been out before and no deal has been announced. Or maybe being tied to Lance Armstrong is still magic even if he out of the running.

Follow Jon Ogg on Twitter @jonogg.

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