Two board members, who requested anonymity, said the 32-person board will meet the candidate Friday morning and vote on approving him or her.
The person chosen will replace President Rodney Erickson, who was named president after the firing of President Graham Spanier in November 2011.
Spanier awaits trial on charges he helped cover up child sex abuse by former assistant football coach Jerry Sandusky on and around the Penn state campus and at Sandusky's home. Sandusky was convicted of sex abuse crimes and is serving a 30- to 60-year prison term, the Pittsburgh Tribune-Review reported.
Notable deaths of 2014 [PHOTOS]
Ex-Navy SEAL probed over bin Laden revelations