Grade, who is chairman of the National Lottery operator Camelot and Pinewood Studios, is understood to have held talks with ITV about taking up the chief executive's job at the terrestrial network.
ITV had been hoping to sign Airey after weeks of talks to woo the highly prized Channel 5 boss, but she was snatched from its grasp with a last-minute bid by BSkyB's Tony Ball, who has poached her to be the new managing director of Sky Networks where she will be responsible for all non-sports programming, including Sky One.
As well as Grade, reports suggest that ITV bosses at Carlton and Granada have also approached former Channel 4 boss Michael Jackson. Jackson left the channel last year to join USA Networks, the Vivendi Universal film and television company, where he is said to be unhappy.
ITV knows it needs a big hitter to impress investors and win back viewers. Grade spent nine years at Channel 4 before leaving in 1997. He was known for developing quality dramas, as well as making Channel 4 financially successful.
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