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The leadership change could be announced as soon as Wednesday, the report said, adding that Saunders will take over on March 6 from Joseph Papa who last July announced plans to step down.
The company had said in December that Papa will continue serving as the CEO until at least March 4, 2023.
Bausch + Lomb is in the process of being spun out from Bausch Health Companies (NYSE:BHC), which was formerly known as Valeant.
Saunders has served as the CEO of Botox maker Allergan, until it was acquired by AbbVie Inc (NYSE:ABBV) for $63 billion in 2020, and previously headed Bausch + Lomb until its acquisition by erstwhile Valeant in 2013.
Bausch + Lomb did not immediately respond to a Reuters request for comment.
