Speaking in the House of Commons, the chancellor George Osborne has promised a “fair and open” process with the job being advertised from next week.
Current governor Sir Mervyn King will leave in June next year after two, four-year terms. His successor will start on 1 July.
An advert will appear in the Economist on Friday, which will then be published on the Public Appointments website. The deadline for applications is 8.30am on October 8.
The Treasury advert will say: “The new governor will lead the Bank through major reforms to the regulatory system, including the transfer of new responsibilities that will see the Bank take the lead in safeguarding the stability of the UK financial system.”
The Treasury is looking for a candidate with experience of working in a central bank or similar institution, or at a senior level in a major bank or financial institution.
Permanent secretary to the Treasury Sir Nicholas Macpherson will chair an interview panel for the shortlisted candidates.
The Treasury select committee will hold full pre-appointment hearings for the Government’s preferred candidate.
TSC chair Andrew Tyrie says the committee will scrutinise the process carefully.
He says: “The choice of the next governor is the most important public appointment the Government will make.
“That is why the TSC will both scrutinise the selection process closely and subject the Government’s preferred candidate to what would amount to a full pre-appointment hearing.
“The legitimacy of any candidate who passes that test can only be enhanced.”
The next governor’s powers are the subject of debate in the current Financial Services Bill, which plans to bring financial regulation under the Bank’s remit. He or she will also chair the Monetary Policy committee and Financial Policy committee in a sweeping role.