GMG, which is led by chief executive Carolyn McCall, has been without a chairman since October, when Lord Myners stepped down to join the government as city minister.
The company refused to comment on the reports linking it with Peace, who is currently chairman of luxury goods group Burberry, chairman of credit information specialist Experian and acting chairman of Asia-Pacific-focused bank Standard Chartered.
Peace became chief executive of Great Universal Stores in 2000 when it owned Argos, Experian and Burberry. He went on to spin off the latter two companies and buy Homebase before stepping down in 2006.
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