Hutchinson has taken over Louise Berridge's position of executive producer for the show, following Berridge's decision to quit.
The newspaper claims that Hutchinson is planning to get rid of Wendy Richards (Pauline Fowler) and Leslie Grantham, who plays Dirty Den.
Other characters expected to be axed include most of the Ferreira family, including Ronny (Ray Panthaki), Adi (Ameet Chana), Ash (Raji James) and Kareena (Pooja Shah).
Tariq Larousi (Nabil Elouahabi), and Sasha Perkins (Jemma Walker) could also be facing the boot, as well as Derek Harkinson (Ian Lavender), gangster Andy Hunter (Michael Higgs), and Phil Mitchell's wife Kate (Jill Halfpenny).
Rick "Minty" Peterson (Cliff Parisi), Jane Collins (Laurie Brett) and Nana Moon (Hilda Braid) will also be cleared out.
An insider on the show revealed, "There are a lot of worried faces around here at the moment.
"Everyone's feeling extremely vulnerable and paranoid that they're about to get the chop. The atmosphere's very tense."
However, old favourites Bianca Butcher (Patsy Palmer) and Kathy Mitchell (Gillian Taylforth) could soon be making a return to the show.
Hutchinson apparently wants to turn around the show's fortunes by Christmas.
The insider added, "She's determined to throw out anything she hates and have her ideas and storylines on screen by then.
"She has a reputation as being very good at getting her way.
"The writers and schedulers are gearing up for a lot more work very soon."