AOL Time Warner Chief Operating Officer Mr Robert Pittman could resign as early as today at the company's board meeting, a source familiar with the situation said.
The board of the world's largest media company is also discussing the elevation of two Time Warner veterans to the top ranks of the company as it addresses an array of issues, including concerns about growth at its online unit, that have driven down its stock to three-year lows.
An AOL Time Warner spokesman declined to comment on the board meeting.
On Monday, the company said it was looking for a new head of its America Online unit to replace Mr Pittman. In April, he was sent to help revive the unit, which is suffering from an advertising slump, a slowdown in subscriber growth and slower-than-expected migration to high-speed services.
Analysts said the decision indicated Mr Pittman was on his way out and also put into question AOL's recovery prospects.