A source says that it has bowed to pressure from non-execs and shareholders and has strongly hinted that internal candidates have been excluded from that shortlist. It has also reportedly said that although it is keen to appoint someone from a retail background, it needn't be in grocery.
We have pulled together a list of ten runners and riders - including the internal candidates just to cover our bases - and asked spread betting firm Cantor Index to give us the odds (see right).
The big money is on Colin Holmes, Tesco's convenience CEO, with Richard Brasher, Tesco's commercial and trading director, not far behind.
Several analysts also believe there should be shorter odds on Ian McLeod, Halfords' chief executive, and point to his previous track record at Asda. They add that he would fit the profile of someone currently in a retail rather than grocery-specific role.
Though not on our list, it might also be worth putting an outside bet on Allan Leighton or Archie Norman, says Oriel Securities' Jonathan Pritchard. "Outsiders. I wouldn't rule them out, but I wouldn't put their odds any shorter than 40/1 either."
Whoever takes on the role will have a hefty job on their hands. Last month, Morrisons announced a record loss of £312.9m to January 29 as a result of Safeway integration costs. Pre-tax profits before exceptionals fell from £332.2m to £61.5m.
The new chief executive will also face the challenge of trying to eke out the £90m improvement in margins targeted in Stott's optimisation plan - not to mention getting on with Sir Ken himself.
Pritchard says: "It's a massive ask, but there's huge potential. The forecasts are at a level where it's going to be difficult for the company to disappoint.
"If the new CEO can talk coherently about sales and get the sales line moving again, there's massive potential for dramatic upward revisions to forecasts and therefore share price performance."
One thing is for certain, says Cantor's David Buik, Morrisons' recovery won't really get under way until the new chief is appointed. "It is unreasonable to expect the share price to rally to the cause until strong management appointments have been implemented," he says. "The general consensus is that it's time for change."