The news, which is expected Monday, will mean Anthony Rodio, currently CEO of Affinity Gaming, will take the helm from Mark Frissora, the current CEO of Caesars.
The move to oust Frissora would come after a push by billionaire activist investor Carl Icahn to appoint Rodio. Icahn controls 18% of Caesars.
Rodio has about four decades in the gaming business and also previously worked at Tropicana Entertainment, which was once also controlled by Icahn, the Journal report said.
Caesars also is expected to announce it has formed a board committee to work with bankers at PJT Partners to evaluate takeover interest, people familiar with the matter told the Journal.
The casino company has received interest from Eldorado Resorts (ERI - Get Report) and Golden Nugget and already has given those two bidders access to its financial records to conduct due diligence, some of the people told the Journal. Icahn also has been pushing Caesars to sell itself.
Caesars shares declined 2.9% on Monday to $9.20.