According to reports, Morrisons managing director Marie Melnyk will also be included on a list of possible candidates to take the helm when Stott leaves.
Morrisons' board is said to be meeting in December to discuss potential candidates to replace Stott, who initially intended to step down in 2007. However, Stott will not retire sooner.
The struggling supermarket unveiled its first losses in its 106-year history last month, highlighting the difficulties Morrisons has had integrating the Safeway chain it acquired in 2003.
Morrisons said: 'We are looking for a new chief executive and the handover will be next year, providing we find the right person.'