Paul S. Atkins, a commissioner of the Securities and Exchange Commission, is in line to head up the Commodity Futures Trading Commission, the Financial Times reported.
If selected, he would replace Chairman Reuben Jeffery, who is stepping down to become undersecretary for economic, energy and agricultural affairs in the State Department.
Critics have called for both the SEC and CFTC to merge now that the differences between asset classes have become blurry.
The futures regulator hasnít plucked an SEC commissioner to join its ranks since 1994, when it added Mary Schapiro as a commissioner.
She left after 15 months in office to join broker-dealer regulator NASD, where she is now CEO.
Mr. Atkins isnít the only one running to lead the CFTC: Walter Lukken, current CFTC commissioner, and Patrick Parkinson, deputy director at the Federal Reserve Banks division of research and statistics, are being considered, the Financial Times said.