Apple is stepping up preparations for the post-Tim Cook phase, as it begins implementing a management transition plan that could lead to him stepping down as CEO starting next year, according to the Financial Times, citing people familiar with discussions within the company.

According to the sources, Apple's board of directors and senior officials have stepped up their efforts in recent weeks to prepare for a leadership transition within the $4 trillion company, after Cook spent more than 14 years at the helm. John Ternos, senior vice president of hardware engineering, is the leading candidate to succeed him, even though no final decision has been made yet.

People close to the company confirm that this long-planned move is not related to Apple's current performance, which anticipates a strong sales season expected for iPhones at the end of the year.

The company is expected to not reveal the name of the new CEO until the announcement of its financial results in late January, which includes the holiday season that sees strong sales of the company's devices.

Observers believe that the announcement at the beginning of the year will give the new management team enough time to prepare for the company's major events, including the developer conference in June and the launch of the new iPhones in September, with the possibility of changing the timing of the announcement according to developments.

Cook, 65, has led Apple since 2011 after taking over from the late founder Steve Jobs. During his tenure, the company's market capitalization has risen from about $350 billion to more than $4 trillion, with its shares skyrocketing.

This year, Apple has seen a series of notable changes within its executive team, with Luca Maestre, chief financial officer and one of Cook's closest executives, stepping down at the beginning of the year, and Jeff Williams, chief operating officer and also a close associate of Cook, announcing his resignation in July.