Ball, the former chief executive of BSkyB, is reported to have rejected ITV's offer of a £20m five-year incentive package of share options in addition to a £1m salary.
It is unclear what is the share price target or targets at which the incentive scheme would be triggered.
Reports claim Ball, who is prepared to invest £2m of his own money in ITV shares, has been attempting to increase the value of the package to £30m by backdating the share options a number of months.
This would mean the options would likely vest at less than 40p and possibly below 30p, compared with ITV's recent share price high of 54.5p.
The package compares with the reported £6m five-year incentive offered to current executive chairman Michael Grade when he joined, with the condition the share price rise to 225p.
Some ITV investors and employees are unhappy about Ball's stance, according to the Daily Telegraph.
, is "leading an internal rebellion against the pay deal and may quit if the board caves in", and that John Cresswell, the chief operating officer, is also likely to leave.
It also quotes an anonymous investment institution describing Ball's pay demands as "arrogant and greedy".
Other reports claim ITV is willing to offer Ball the job with a £20m package but could turn to other candidates if he holds out for £30m.
The Times has suggested Fincham is a "potential compromise candidate" while The Guardian said some within ITV believe HMV chief executive Simon Fox, the original choice for chief executive before he turned down the role, could be persuaded to take the job after all at the levels of pay offered to Ball.
Fincham is one of the favourites for the Channel 4 chief executive job.
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