Tata Sons is likely to name a new chairman as early as Thursday, the Economic Times reported, citing unnamed officials.
Tata Sons has called a board meeting at 4 p.m. (1030 GMT), the newspaper said, although it said no agenda for the meeting had been announced.
The $100 billion conglomerate ousted its chairman Cyrus Mistry in October, sparking a bitter public spat.
Thursday report comes as Tata Consultancy Services Ltd, India's biggest software services company, reports its results. TCS head N Chandrasekaran has been widely speculated to be one of the leading contenders for the role.