Sky News reported Woodford Investment Management is making the appointment as a replacement for Mary Reilly, who is stepping down having been with the firm since its launch.
Campbell has spent two decades at Standard Life holding various positions including running its operations in the Asia-Pacific region at one point.
Last week Woodford said he is considering launching a second equity income fund to be run alongside his wildly popular £9bn UK Equity Income fund.
The proposed new fund is a higher income offering targeting a yield of 4.2% - 4.5%.
“We will shortly be announcing the appointment of a new chairman to our oversight board, who will replace outgoing chair Mary Reilly," said a spokesperson. "Mary has stepped down from the role to scale down her non-executive commitments, some of which are overseas, and is working with us to ensure a smooth transition. We would like to thank Mary for the crucial role she has played since launch in developing our procedures and processes.”