The sources said the senior journalist's name was approved by a three-member committee headed by Vice President M Venkaiah Naidu.
The other members of the committee are the chairman of the Press Council of India and the secretary, information and broadcasting ministry.
The ministry of Information and Broadcasting, however, has not issued any official communication on the appointment.
Prakash was appointed the chairman of Prasar Bharati, which runs All India Radio and Doordarshan, on October 28, 2014, for three years on the recommendation of a committee headed by then vice president M Hamid Ansari.