Mark Tucker is set to be announced for the role at TheCityUK in the coming days as outgoing Barclays chairman McFarlane steps down in the spring, Sky News reported.
It would install him as chairman of a group whose financial and professional service members contribute nearly 10 per cent of the UK’s economic output and employ 2.3 million people, including around 750,000 in London.
Its board includes deputy London mayor for business Rajesh Agrawal, the chief executive of Metro Bank and the chief operating officer at Morgan Stanley’s international arm.
Tucker was appointed to HSBC’s board in 2017 after 30 years in financial services, including 25 based in Hong Kong.
TheCityUK is also expected to find a replacement for Prudential chairman Paul Manduca, who is set to leave his role chairing the lobby group’s advisory council later this year.
TheCityUK did not reply to requests for comment last night.