It has emerged that Ball (pictured) has rejected the estimated £20m package offered to him, claiming that it is too low and angering some shareholders, according to reports.
Instead he is believed to be negotiating a £30m package over five years on top of a £1m a year salary.
Fincham’s name has now been thrown in the ring as an alternative to Ball if the latter does not lower his salary demands.
Fincham had not previously been mentioned as a possible candidate for the position, though he has already been mooted as a potential replacement for Andy Duncan who last Wednesday (September 16) announced his resignation from the chief executive role at Channel 4.
ITV had been expected to name its new CEO to succeed Michael Grade last week, but protracted contractual discussions with Ball is believed to have stalled the process.
Previously, ITV chief operating officer John Cresswell had been the leading internal candidate for the role. It has been widely speculated that both Fincham and Cresswell could decide to leave the broadcaster if Ball is appointed.