Wipro Ltd is likely to promote its group president and chief operating officer (COO) Abid Ali Neemuchwala as CEO early next year, when TK Kurien's term ends.

Wipro, India's third biggest IT firm, is likely to make its current CEO Kurien, whose five-year term will expire in January next year, vice-chairman of the company.

The new appointments will be announced by Wipro in early 2016, according to sources.

"Any such decision will be taken by the Board of Directors based on the recommendation of the Nominations Committee and will be communicated to the stock exchanges. We don't want to comment any further on this speculation," Business Standard quoted Wipro as saying in a statement.

In October, the Bengaluru-based Wipro was said to have been contemplating to extend the tenure of Kurien by at least one year in a bid to buy time to scout for a new CEO.

The reports on Wipro looking for a new CEO had surfaced after it promoted three executives as presidents and roped in Tata Consultancy Services (TCS) veteran Abid Ali Neemuchwala as its COO earlier this year. Neemuchwala was seen as the "contender" for the top post.

Following Neemuchwala's appointment as COO and group president, Wipro has witnessed many restructuring initiatives aimed at having a "better control" over the company's performance. The restructuring process has seen a few top level executives leaving Wipro. Ayan Mukerji, a company veteran who headed the media and telecom business, and Sangita Singh, head of healthcare business, were among those exits.

In April, Wipro had elevated Rishad Premji, the eldest son of promoter Azim Premji, to the company board as a wholetime director, effective from 1 May.

Industry watchers had speculated that the elevation of Rishad was a step towards grooming him to assume the top role at a later stage, although Azim Premji had always said that Rishad would not be appointed the chief executive.