John Cresswell, former finance director and current chief operating officer, is thought to be among the candidates.
Shareholders of the company requested Grade take a non-executive role in return for pumping more money into the channel.
ITV has said that despite the announcement it had decided it would not need to raise money from shareholders but would secure alternative funding.
It plans sell its Freeview slot leasing business SDN and has agreed covenant-free financing to raise an additional £58m.
Grade will see through the conclusion of the Contract Right Renewal (CRR) regulatory review process, expected to be complete by the end of the year.
ITV appointed Grade in November 2006 from his previous role as chairman of the BBC. He replaced chief executive Charles Allen who left the previous month.
Grade said he would appoint a chief executive within three years of his appointment and also said he would take a non-executive chairman.
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