Walt Disney Company (DIS) is expected to promote an internal candidate to succeed Chief Executive Bob Iger, with parks chief Josh D'Amaro and television head Dana Walden seen as leading contenders, The Wall Street Journal reported Monday, citing unnamed sources.

Board chair James Gorman is overseeing the CEO selection process as Iger's contract is set to expire next December, the report said. The board's priority is a smooth transition with no major exits or brain drain when a new CEO is picked. The outlet previously reported that external candidates like Electronic Arts CEO Andrew Wilson were also considered, however, sources believe the next CEO will probably come from within the company, according to the report.

D'Amaro and Walden met with Disney's board in Orlando, Florida over the summer to share their visions for the company, the report said. D'Amaro is widely considered as the the leading contender to be the next CEO. His strategy includes expanding Disney's role in videogames and integrating gaming technology throughout its creative processes, the WSJ report said.

Alan Bergman, who runs streaming with Walden, is considered unlikely to become CEO by employees and company partners, while ESPN head Jimmy Pitaro, Disney's other top operating executive, does not expect to become CEO due to his lack of experience in scripted entertainment and parks, sources said.

The next CEO is expected to work alongside Iger for a while before officially taking over, one of the sources said.

Sources added that top executives who do not become CEO are expected to be given expanded responsibilities or bigger titles, as well as compensation increases as part of contract extensions.

Disney did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)