Towry Law chief executive Douglas Black is expected to leave the National IFA soon.
The IFA's Australian owner AMP says it cannot comment on market speculation.
Black led the negotiations with AMP and the Investors Compensation Scheme leading up to Towry's purchase by AMP in June in a deal worth £75.7m as exclusively predicted in Money Marketing.
The deal saw the ICS put up more than £30m towards the £48m pensions review liability which Towry inherited when it bought IFA Advizas from Hogg Robinson.
At the time, Black said the deal was a good one for the industry as a whole, which provoked criticism from some other IFAs.