Toyota Motor's (TM) - Get Report senior board members have chosen Akio Toyoda, the grandson of the company's founder, to lead the automaker, according to a published media report.

The report, which

The Wall Street Journal

published on its Web site Sunday, cited anonymous sources familiar with the matter.

A formal decision on Toyota's next chief, who will succeed current president Katsuaki Watanabe, could be weeks away, according to the report. But senior board members have informed Akio Toyoda that he has been selected for the job, the report added. The grandson of Kiichiro Toyoda, who founded the company in 1937, Toyoda is likely to formally start his job in June, the report said.

A Toyota spokesman said there has been no decision on the management change, according to the report.

Like other automakers, Toyota is suffering from the global economic slowdown. Last month, the company predicted that in the year ending March 31 it would incur its first operating loss since 1938, the report noted.

Toyota shares closed Friday down $1.85 at $66.53.

This article was written by a staff member of TheStreet.com.