Microsoft has revealed that its new CEO is likely to be announced in early 2014, according to Digital Spy.

Board member John Thompson, who is leading the search for Steve Ballmer's replacement, revealed that the company has focused on around 20 candidates "intensely".

"We identified over 100 possible candidates, talked with several dozen and then focused our energy intensely on a group of about 20 individuals, all extremely impressive in their own right," Thompson said on the official Microsoft blog.

"As you would expect, as this group has narrowed, we've done deeper research and investigation, including with the full board. We're moving ahead well, and I expect we'll complete our work in the early part of 2014."

Microsoft has only had two CEOs in its 38-year history - co-founder Bill Gates led the company from 1975 to 2000, when Ballmer took over for the last 13 years.

Several contenders are thought to be in the running, including Nokia's former boss Stephen Elop, Ford's Alan Mulally and Microsoft's own vice-president of the Microsoft Cloud and Enterprise group Satya Nadella, as well as Skype boss Tony Bates.