Aviva chairman John McFarlane is to take up the same role at transport business First Group, Sky News reports, however Aviva have said he is not leaving the insurer.
McFarlane, who has been at Aviva since 2011, will replace Martin Gilbert. Gilbert also runs Aberdeen Asset Management and is a non-executive director of BSkyB.
Sky News reports MacFarlane is seen as a "heavyweight City figure" who served as a non-executive director for Royal Bank of Scotland before going to Aviva.
The hunt for Gilbert's replacement at First Group has taken six months, the report said.
MacFarlane became executive chairman of Aviva in July 2012. In that role, he has been was instrumental in driving forward the company's strategic plan to narrow the focus of the group's business portfolio, build financial strength and improve financial performance.
Volatility expected for 'some months'
PA360 North revisited
Achievements, charity work and other happy snippets
Irish border, resignations, market volatility and more