Whitbread chairman Alan Parker is likely to favour Travelodge chief executive Grant Hearn and chief operating officer Guy Parsons to run the business.
Hearn was the head of Whitbread's Travel Inn before being poached by Dubai International Capital to run the Travelodge chain.
Parsons, meanwhile, held several roles at Whitbread, including marketing director for Travel Inn and sales and marketing director for Whitbread Hotels, before joining Travelodge as sales and marketing director in June 2004.
If Whitbread acquires Travelodge, it could result in Premier Inn's third rebrand since 2004, when it was formed following the merger of Premier Lodge and Travel Inn.