The former Evening Standard editor is said to be the leading contender after Sir Mark Tucker stepped down as chairman in September
The former finance minister and London Evening Standard editor is said to be among a handful of candidates being considered for the role.
If successful, Osborne – who was Chancellor of the Exchequer from 2010 to 2016 – will take up the chairmanship at the bank's London-headquarters.
It comes after Sir Mark Tucker stepped down as chairman in September.
The former chancellor is being eyed-up by HSBC Holdings, with Osborne reportedly one of three remaining candidates in the frame for the role, according to Sky News.
According to sources, Naguib Kheraj, who was previously finance director of Barclay, is also in contention for the role.
Osborne's shortlisting is something of a surprise to city insiders, given his lack of chairmanship experience when it comes to public companies.
Despite formally departing the firm in September, HSBC has been hunting for a replacement for Sir Mark for nearly a year.
Kevin Sneader, the former McKinsey boss who has now taken over at Goldman Sachs in Asia, is also allegedly in the running.
It comes as markets plunged on Thursday and Friday amid worldwide uncertainty.
HSBC Holdings, the second-largest FTSE-100 company after AstraZeneca, currently has a market cap of almost £190bn.
