Grade and Dimbleby will be pitted against Richard Lambert, former editor of the Financial Times, and Patricia Hodgson, former chief executive of the ITC.
Two unexpected candidates have also emerged: Lord Watson of Richmond, who was a presenter for 'Panorama' and 'The Money Programme' and is a Liberal Democrat Peer; and Baroness Young of Old Scone, a former vice-chairman of the BBC governors and chief executive of the Environment Agency.
The four big hitters have been tipped as frontrunners for the role, which is considered one of the most influential in British broadcasting.
They will face a 45-minute interview before a panel chaired by Sue Street, permanent secretary at the Department for Culture, Media & Sport.
It is not clear whether Lord Burns, a close friend of Lord Birt, the former BBC director-general, will be interviewed or not because he has refused to comment. He was being tipped as a possible candidate last week.
The panel aims to appoint a new chairman by the middle of next month so that he or she can lead the process of finding a replacement for director-general Greg Dyke.
Gavyn Davies, the former chairman, and Dyke resigned as a result of criticism of the BBC in the Hutton Report.
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