Wang Qishan, 69, Xi's feared anti-graft 'tsar' - billed as 'China's second most powerful man' - is likely to step down from the Standing Committee on Wednesday.
Also, the once-in-five-years Congress of the ruling Communist Party of China (CPC) may keep the number of members of the Standing Committee, which virtually rules the country, to seven, contrary to Xi's reported preference of restricting it to five, the Hong Kong-based South China Morning Post reported, quoting sources.
The Post, bought by Alibaba chairman Jack Ma a few years ago, has become a major source of "leaks" considering the secretive nature of the power politics of the CPC.
Speculation about Wang's future dominated overseas media coverage ahead of the CPC Congress as he was regarded as the lynchpin of Xi's massive anti-corruption drive in which over a million officials, including some top officials like security czar Zhou Yongkang, were punished.
Trey McArver, co-founder of Beijing-based research firm Trivium China, said Xi could change or negotiate some sort of exception to the norm if necessary, but he would back off if it risked undermining party stability.
"Part of the reason Xi is so powerful is because he has a broad range of support at the top of the party. He would seek a consensus if he wanted to keep Wang on, but if he perceives there would be a political cost, or there was no buy in from other members of the political elite, I think he might back off," he told the Post.
But speculation is rife that he would break that retirement age convention and may continue for a third term considering his powerful stature in the party, that equals that of party founder Mao Zedong.
In that respect, Wang's continuation despite the retirement age norm, was regarded as a signal.
However, Wang might take up a position at the powerful National Security Commission (NSC) to continue to be associated with the government. Established in 2014, the NSC provides unified leadership for different security apparatus, the Post report said.
Barring Xi and Premier Li Keqiang, 63, the other five members of the Standing Committee will be new faces with hints of a future successor to Xi.
The Post also reported that "based on information from several sources", the five new faces to join China's top decision-making body will be Li Zhanshu, Han Zheng, Zhao Leji, Wang Yang, and Wang Huning.
"Together with Li Keqiang, they will form a new team to support the Standing Committee's 'core' member Xi, who is set to emerge as the most powerful leader in decades," the Post report said.
Besides Wang Yang, who is regarded as a close confidant of Xi, another Xi loyalist Li Zhanshu, 67, is expected to be inducted into the Standing Committee.
Han Zheng, 63, is regarded as loyalist of former president Hu Jintao, while Zhao Leji, 60, has roots in Shaanxi province, the home province of Xi. Wang Huning, 62, is a politburo member and a party theorist.
It is to be seen whether this particular group of leaders projected by the report will get into the Standing Committee which will balance various factions of the party.
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