David Mayhew, chairman of JP Morgan Cazenove (JPM.N) -- which arranged Rio's $15.2 billion rights issue earlier this year -- has told Rio Tinto's chairman Jan du Plessis that he will stand down next year, the paper reported.
Andrew Gould, chief executive of Schlumberger (SLB.N), is also thought to be stepping down from the board, it added.
"You can expect a couple of rotations a year because Jan is looking at this as an ongoing process," it quoted one person close to the board as saying.
David Clementi, former deputy governor of the Bank of England, could also go next year or in 2011, the paper added.
Reporting by Kylie MacLellan; Editing by Lincoln Feast