Sants, who resigned from the FSA in June after five years at the top, is reportedly in early stage discussions with the Big Four firm.
He is a former investment banker, and before joining the FSA in 2004 led the European arm of Credit Suisse.
If a role is taken, he will follow in the footsteps of several other senior FSA executives who have joined the big firms, including former head of supervision Jon Pain, now at KPMG, and Margaret Cole, the FSA’s former head of enforcement who is now at PwC.
Sants had originally announced he would resign at the end of June 2010 but was persuaded to stay on to see through the government’s plans to change the financial regulatory framework from an integrated to a twin peaks model, with prudential and conduct supervision carried out by two new organisations, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
Andrew Bailey took the role as head of the Prudential Business Unit, the part of the FSA mirroring the future PRA, while Martin Wheatley will remain the head of Conduct Business Unit and future CEO of the FCA.
The former chairman of KPMG John Griffith-Jones has been appointed as the first non-executive chair designate of the FCA .