Rupert Murdoch's son in line to replace Elon Musk as Tesla chairman: FT
Media mogul Rupert Murdoch (L) laughs with his son James Murdoch (R) on March 18, 2010. (Photo by Adrian Dennis for Agence France-Presse.)

Outgoing Twenty-First Century Fox Inc (FOXA.O) Chief Executive James Murdoch is the lead candidate to replace Elon Musk as Tesla Inc (TSLA.O) chairman, the Financial Times reported on Wednesday, citing two people briefed on the discussions.

Tesla and Musk reached a settlement with U.S. Securities and Exchange regulators last month in which they agreed to pay $20 million each to financial regulators and that the billionaire would step down as chairman but remain as CEO.