Barclays is set to name its investment banking boss Bob Diamond as successor to current chief executive John Varley.
The Wall Street Journal reports American-born Diamond will be promoted from the head of Barclays Capital to the top position at Britain's second largest banking institution.
Varley, who has been CEO of Barclays plc since September 2004, has informed the bank's board he would like to step down, the paper says.
Diamond had been seen as the long-term successor to Varley, after presiding over BarCap's integration of Lehman Brothers' US business.
While Diamond's BarCap unit has been the largest contributor to the company's overall profits, he is understood to be keen on reducing the group's reliance on the investment banking arm.
A Massachusetts native, Diamond has worked in investment banking and trading since the late 1970s. He joined Barclays in 1996, but has no retail banking experience.
69% of general population
Fidelity International global economist's outlook
Seven years since fund collapse
Tracks firm performance