Microsoft is considering Ericsson chief executive Hans Vestberg as a potential successor to outgoing leader Steve Ballmer.
Microsoft cloud-computing chief Satya Nadella and former Nokia CEO Stephen Elop are also on the list.
According to the Sydney Morning Herald, Microsoft's lead independent director John Thompson, who is heading the search, wrote in a blog post that the board plans to complete the search by early 2014.
Other CEO candidates includes Microsoft executive vice-president Tony Bates and chief operating officer Kevin Turner, sources familiar with the matter said.
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