BP boss Tony Hayward may be put forward for a non-executive the board of directors of the company's Russian venture, TNK-BP, after stepping down from the top job, Sky News said on Monday.

Hayward has worked for BP for 28 years and has held the post of director for the past three years. His leadership has come under fierce criticism since the explosion on the Deepwater Horizon rig in the Gulf of Mexico in April, which has caused multibillion dollar losses for the company and has had serious environmental consequences for the region

A BP board meeting is being held on Monday evening at the company's headquarters in London, in which the clean up operation from the oil spill, the company's financial position and the reshuffling of the company's leadership is being discussed.

The outcome of the meeting will either be announced directly after the meeting or on Tuesday morning before the opening of the London stock exchange and the announcement of BPs financial results for the second quarter of 2010.

The British media earlier reported that Hayward would announce his resignation at the meeting.

BP's current managing director and former TNK-BP head Bob Dudley is the favorite to take Hayward's place in the top job.

BP's expenditure in the cleanup operation from the oil spill is already nearing $4 billion. The company has announced asset sales in the United States, Asia and the Middle East valued at $ 10 billion to cover the costs.

Nearly a quarter of all of BP's oil extraction comes from its projects in Russia. The TNK-BP board of directors has 11 members: four representatives from each of two groups of shareholders, as well as three independent directors.

LONDON, July 26 (RIA NOVOSTI)