Microsoft CEO Steve Ballmer may step down from his board role once the software company has chosen it's next leader, and founder Bill Gates is likely to step up his involvement at the same time, according to a news report posted Monday by The Verge.

The tech titan's leadership search has been in the headlines since the 57-year-old Ballmer announced in August, 2013 he would be retiring within a year. The list of potential candidates has been a fluid mix of both tech industry and business notables, including Ford CEO Alan Mulally who took himself out of the running in late December after his name was rumored to be on the list.

Top contenders currently include former Skype leader Tony Bates, Microsoft's cloud and enterprise chief Satya Nadella and ex-Nokia CEO Stephen Elop, according to the report.

No matter who gets the CEO, nod he or she had best be well rested and primed to make fast changes as Microsoft faces significant challenges on several fronts this year. It's hoping to grab greater traction in the tablet market, innovate on Internet service offerings and delve deeper into the competitive smartphone marketplace as well as expand on mobile application development.

Microsoft is also in the midst of a reorganization effort launched by Ballmer shortly before his retirement announcement, and a top goal is to change the company's culture. It's also hoping to soon capitalize on years of investment on Windows Azure, its cloud platform, which the Seattle Times reported was pulling in $1 billion of revenue as of last summer.

It's little wonder Gates is reportedly willing to be a more regular Microsoft campus presence if Ballmer indeed doesn't remain on the board post retirement.