Sir Stuart Rose has been linked to a return to Argos as part of a possible private equity approach for parent Home Retail.
City speculation has suggested the former M&S boss - who was previously chief executive of the catalogue chain - could make a return to Argos as executive chairman of Home Retail.
Rumours have been mounting that the Homebase-owner is to be the subject of a takeover bid since its share price dropped by more than 60% in February.
Rose headed up Argos in the late 1990s for a short time and currently sits on the advisory board of private equity firm Bridgepoint, which has investments in fashion chain Fat Face and sandwich shop Pret a Manger.
Analysts are reportedly sceptical about the potential for Rose to return, questioning whether he would be attracted to the job and suggesting any deal would be done after the Christmas trading period.
Walmart has also been linked to a possible bid for Home Retail.