Outgoing BP boss Tony Hayward will be offered a board role within the group's Russian joint venture when he stands down, it has been reported.
The oil giant is expected to confirm his resignation from the top job following a board meeting being held on Monday evening, but is likely to offer Mr Hayward a non-executive directorship at TNK-BP in Russia, according to Sky News.
The move could mean the beleaguered chief executive's 28-year career with BP is not brought to a complete halt.
Shares in BP closed 5 per cent higher as investors cheered the prospect of a change at the helm following the Gulf of Mexico oil disaster.
The firm declined to comment on the reported offer of a Russian role for Mr Hayward and said "no final decision" had been taken on his future.
On Monday night BP said it had no plans to issue a statement about a board meeting which sources close to the company said discussed whether to confirm a plan to ditch Chief Executive Tony Hayward.