The ITV board was meeting yesterday to decide the terms of departure for its embattled chief executive Charles Allen, sources close to the firm said.
Mr Allen - who last year earned £1.85 million - is under pressure from some investors to resign over what they say is poor performance.
The City has been widely expecting Mr Allen to end weeks of speculation by announcing his departure from the troubled broadcaster - possibly tomorrow, the day of the company's interim results.
A spokeswoman for ITV confirmed the board was meeting ahead of the results but declined to comment on any imminent announcement about Mr Allen.
The sources said, however, Mr Allen's departure would be high on the agenda, with particular attention being paid to the size of his potential pay-off.
Mr Allen became chief executive two-and-a-half years ago after the merger of Carlton and Granada.
But the executive has come under increasing pressure from shareholders who are angry about the group's performance and its dwindling advertising revenues and audience share.
In recent weeks the City has been lively with talk about who might replace Mr Allen.
Among the names in the frame, according to analysts and media reports, are former Ofcom chief Stephen Carter, former BSkyB chief executive Tony Ball, Channel 4 chief executive Andy Duncan, BSkyB channels director Dawn Airey and former BAA chief executive Mike Clasper, who is also an ITV director.
But the sources said it might be difficult for ITV to recruit a new chief executive given that it is widely seen as a takeover target.
"The big problem they've got, though, is that there's predators circling," another of the sources said.
Earlier this year, the broadcaster rejected a private equity takeover approach led by former BBC boss Greg Dyke.
And last week its shares rose on a suggestion that media executive Roger Parry would revive a buy-out.
Mr Parry is barred from bidding until early October, under a six-month "put up or shut up" clause imposed by the UK Takeover Panel.
But rumours of a fresh bid approach persist, the sources said, adding that David Elstein and David Montgomery were also possible candidates.