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James Murdoch, the current CEO of 21st Century Fox, is reportedly the favorite to replace founder Elon Musk as the chairman of Tesla Motors. The Financial Times reports that Musk, who agreed to step down as board chairman as part of a Securities and Exchange Commission settlement, favors the company’s lead independent director, Antonio Gracias, to replace him. Another source told the newspaper that “external options were still being considered” for the role. Murdoch, who is a non-executive director of Tesla, plans to step down as chief executive of 21st Century Fox after the company completes its merger with Walt Disney. He also is reportedly considering setting up “a technology investment fund.” Musk was forced to step down after he was hit with an SEC lawsuit claiming he “broke securities laws” when he tweeted that funding was “secured” to take Tesla private. Musk remains CEO of the company.