Andrew Harrison, the ex-Nestle Rowntree marketing director and former managing director of Muller Dairy, is on a shortlist of two for the job.
He is competing with Martin Bowley, the head of media at Kendall Tarrant.
Final interviews are taking place this week, with a decision expected as early as Friday. Senior figures from the top three radio companies, GCap Media, Emap Radio and Chrysalis, as well as Paul Brown, the chief executive of the Commercial Radio Companies Association, have been involved in the process.
Bowley is said by one radio company source to have been the early front-runner because of his background in trading with Carlton Media Sales.
However, Harrison entered the fray last week and has impressed with his all-round marketing expertise.