Apple is stepping up its succession planning efforts as it prepares for Tim Cook to step down as chief executive of the tech giant as soon as next year, the Financial Times reported on Friday.

John Ternus, Apple's senior vice president of hardware engineering, is widely seen as Cook's most likely successor, the FT reported, citing several people familiar with discussions.

Apple did not immediately respond to a Reuters request for comment.

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The newspaper quoted people familiar with discussions inside the iPhone maker as saying its board and senior executives had recently intensified preparations for Cook to hand over the reins after more than 14 years.

Apple is unlikely to name a new CEO before its next earnings report in late January, which covers the critical holiday period, the FT said.

Cook became CEO in 2011 after Silicon Valley legend Steve Jobs resigned, ending his reign at the technology giant he co-founded in a garage.