Former chancellor and current Conservative MP Nadhim Zahawi is reported to be in talks to chair The Very Group following Dirk Van den Berghe stepping down after two years.
Aidan Barclay, part of the Barclay family which owns The Very Group, is currently interim non-executive chair until a replacement is found.
The talks with Zahawi are said to be “ongoing” and city sources told Sky News there was no certainty that he would take the job.
The former chancellor would be expected to stand down before the next election if he were to accept the role.
Zahawi has been active as an intermediary between the Barclay family and IMI Investments since its interest in putting in a bid for the Telegraph Media Group was revealed last year
He had been suggested as a chair for the group if RedBird IMI had been successful in buying it but Zahawi faced backlash from Tory MPs.
The Barclay family has also been in the headlines recently as they have lost control of several corporate assets.
Their parcel delivery business Yodel avoided insolvency when it was sold to a consortium backed by executives at rival Shift.
The Barclays have explored selling The Very Group several times in the last decade but have refused to sell to potential buyers due to them not meeting price expectations.
The online retailer has recently secured £125m of new debt funding following lacklustre financial results.
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