Sky News has reported that Mr Osborne was approached over the summer about becoming the successor to Sir Mark Tucker. 

City sources confirmed that Mr Osborne was one of three remaining candidates being considered to take on the chairmanship of the London-based firm.

Naguib Kheraj, the former finance director of Barclays and deputy chairman of Standard Chartered, is also being considered.

The other candidate is believed to be Kevin Sneader, the former McKinsey boss who now works for Goldman Sachs in Asia.

Mr Osborne’s inclusion on the shortlist is a surprise, due to his lack of experience in public company chairmanship.