AMP chair Catherine Brenner is expected to step down and surrender her board position to the wealth manager's interim chief executive.
The change could be announced as early as Monday following reported crisis talks between AMP directors on Sunday.
AMP interim CEO Mike Wilkins is expected to step up as chair, replacing Ms Brenner, Fairfax Media reported on Monday.
The company has been under intense pressure following evidence presented to the banking royal commission over the past two weeks.
The commission heard on Friday that AMP could face criminal charges for misleading the corporate regulator.