'Nick has been offered a job by FD. We have made a counter-offer,' said Miles. 'He now has six months to make up his mind. If we haven't persuaded him by then, he will move on.'
If Fox moves to FD, he is likely to have to endure six months' gardening leave, similar to that of Miles and Morrison when they left FD for M in 2001.
M's counter-offer for the retention of Fox's services is understood to include new responsibilities and an improved wage structure. Fox has no equity in M.
It is not the first time FD and M have clashed on staff issues. Miles and Morrison left FD amid allegations of breaches of contract. The case was settled out of court.
Fox joined M three years ago, bringing with him a strong financial CV. He spent five years as a financial journalist on The Sunday Telegraph and The Sunday Times.
After journalism, Fox moved into a business development role at Chrysalis before co-founding and building a financial publishing business as corporate development director of digital comms group Talkcast.
He also spent two years advising on the restructure of Hertfordshire-based speech recognition technology company Eckoh Technologies (formerly 365 Corporation).