Treasury lines up new Rock chairman

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Mr Sandler, former head of Lloyd's insurance market, will go in as the Rock's executive chairman charged with bringing stability to the bank if a private sector buyer is not found.

Some experts are now predicting a decision over the bank's future to be made within days, perhaps even ahead of a shareholders' meeting planned for Tuesday.

Reaching a deal with a private sector bidder is still the Government's preferred option when it comes to the bank's future. But contingency plans at the Treasury are believed to well advanced, with Mr Sandler placed at the heart of them.

Mr Sandler, the author of a respected 2002 review of the savings industry, confirmed he had been approached by the Government towards the end of November over Northern Rock.

He said: "In the event of nationalisation, I have agreed I will go in as executive chairman."

His role would be "to get things stabilised, to make sure the bank has proper plans in place". He added that he would also be responsible for ensuring that a management team was in place at the bank.

Mr Sandler is a highly-respected figure in the City and news that he has been recruited by the Government is likely to be welcomed. It is also expected to heighten rumours that a nationalisation of Northern Rock is now likely.

Potential bidders Virgin and Olivant are reportedly struggling to secure financing. And time is said to be running out for the Government to find an alternative.

It is thought that Chancellor Alistair Darling has pledged to make a decision on the future of the bank known by the middle of February. But market watchers said any announcement is likely to be sooner rather than later.