Mark Kleinman, the Sky News City Editor, said Fox's appointment as Trinity Mirror boss could be announced later today (August 30) following a board meeting at the publisher.
However, a source close to the situation said that there is still the possibility of "last minute hitches". A person close to Trinity Mirror also insisted that no decision has yet been made on the successor to Sly Bailey, who left the firm in June.
The appointment of Fox would be met with some surprise in the City due to HMV's torrid recent past, which has included store closures and sales falling below £1 billion for the first time since the company floated.
His profile is also well known to Trinity Mirror chairman David Grigson, who was recently appointed chairman of Anobii. Supermarket chain Sainsbury's bought out HMV's share of the digital eBooks venture earlier in the year.
There is also respect for Fox in the media industry, as three years ago he was courted by ITV to take over as its chief executive, but ultimately turned down the opportunity.
Should Fox get the job at Trinity Mirror, then he would need to step down as a non-executive director at Guardian Media Group, where he has served on the board since 2010.
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