The former chief executive of Sainsbury's, Justin King, is set to take on his first major role since leaving the supermarket last year.
King, who is widely credited with reversing the fortunes of the supermarket chain, is due to become vice-chairman of private equity firm Terra Firma Capital Partners.
"A source close to Terra Firma said that Mr King’s appointment was expected to be announced on Tuesday," according to a report by Sky News.
Since King decided to end his 10-year reign at Sainsbury's last year, there's been mounting speculation about what his next move would be.
During his time at the helm, he oversaw nine years of unbroken growth, bought an extra 10m customers through its doors, trebled profits and delivered a total shareholder return of 85 per cent.
But the long run of like-for-like growth ended last year amid escalating price wars, as well as increased competition from German discounters such as Aldi and Lidl.
The retail veteran had previously held senior positions at both Marks & Spencer, as well as Asda.