A senior civil servant in the Treasury is set to swap Whitehall for the City to take on the role of chairman of Legal & General.
Treasury acting permanent secretary John Kingman is reported to be the frontrunner for the role, The Times reports.
The three-day-a-week role pays a salary of £340,000. An application is said to be with the Prudential Regulation Authority, as L&G shareholders are being sounded out about the role.
Kingman previously headed up UK Financial Investments, which is responsible for the Government’s banking stakes, and was also Gordon Brown’s press secretary in the late 1990s.
Talks on the appointment are said to be advanced with a possible announcement in weeks.
Any move would have to be approved by the advisory committee on business apointments, which oversees appointments where MPs and civil servants move to the private sector.
The newspaper suggests a lengthy purdah before Kingman can join L&G is likely.