Southampton executive Nicola Cortese is believed to have handed in his resignation at the club, according to Sky Sports.
Reports indicated that Cortese and Mauricio Pochettino had fallen out, but the pair have since played down the rumours.
Last May, Cortese considered leaving the Saints but was talked around by owner Katharina Liebherr, convincing him to remain as chairman of the club.
Cortese, a former banker, was at the forefront of the takeover of the Saints in 2009, when the club was in administration, languishing in League One - the third tier of English football.
Since the take over, Saints have had a complete overhaul and spent over £72 million, turning them into a top 10 Premier League team again.
The rumour ads fuel to the speculation Cortese could be heading to an un-named Italian club rumoured to be AC Milan and the likelihood is that he would take Pochettino with him.
The speculation comes after Cortese was reported as saying last summer: “I visited Milanello ten years ago, which then became something of a reference point….It had great charm, it felt like joining a family.”
Since last summer Cortese has kept quiet on the situation but with the current boardroom battle raging on at the San Siro, Cortese could be the man to calm it.
As yet Southampton haven't commented on the matter.
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