Bank of America will likely extend its search for a new CEO into the next year if the board is unable to find a candidate within the following several days as reported by the Bloomberg News who cited the sources familiar with the matter.

Bloomberg notes that at least four external candidates including Citigroup director Michael O' Neill had rebuffed approaches about the job. Thus, the directors may extend a November 26 target date for an appointment and beyond Lewis' expected December 31 retirement date.

Besides, the Wall Street Journal also reported on Friday that Lewis may delay his retirement beyond year-end if his replacement is not found by then.

The reports also say that BofA is under pressure to pick somebody who would take a low enough pay package that it would win approval from the Treasury Department paymaster.