According to a report in the Rupert Murdoch-owned The Australian, Flynn has already been interviewed by the board and, if he accepts, could be about to take charge of Australia's second-largest media group, a combined Fairfax/Ten.
Fairfax is currently considering a bid for Ten, one of three commercial networks operating in Australia's five state capitals, but would need government approval as Australia considers relaxing media regulation.
As well as The Sydney Morning Herald and possibly Ten, Flynn would take charge of The Age and The Australian Financial Review and a string of local newspapers.
Flynn joined Aegis, which owns media agencies Carat and Vizeum as well as market research business Synovate, in 1999 from News International where he was managing director, joining in 1994 from News Corp in Australia.
Flynn, who was brought up in Newcastle, New South Wales, learned the paper trade on a series of newspapers and also lists 10 years at ICI and a stint as a management consultant on his CV.
No replacement has been lined up at Aegis but a likely contender is finance director Jeremy Hicks.
An Aegis spokesman refused to comment on the rumours.
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