The news will come as a major setback to Trinity Mirror, which is now running to a very tight schedule in its effort to replace current chairman Sir Victor Blank, who will become chairman of Lloyds TSB in May.
Trinity Mirror is understood to have narrowed its list of candidates to Sir David Arculus, chairman of O2, and Sir John Parker. However, Arculus ruled himself out of the Trinity Mirror vacancy at the beginning of the month when Pearson, owners of the Financial Times, announced that he was to become its non-executive director.
Blank, who said in January he was to step down as Trinity Mirror chairman after eight years, has strongly argued for the group to retain the Daily Mirror. However, news of his departure adds to speculation that Harris Associates, which has steadily been increasing its hold in Trinity Mirror shares since last autumn, might eventually buy the group.
Parker, who assisted P&O through its acquisition by Dubai Ports, was approached by the Trinity Mirror board and negotiations with the Daily Mirror are understood to have reached an advanced stage.
However, it is reported that Parker has now been asked to stay on at P&O for the next few years to continue his work, prompting him to decline the Trinity Mirror offer.
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