Although both agencies are still in talks, Noble is expected to join the WPP-owned agency in the summer.
Freuds chairman Matthew Freud said he was ‘grateful for the contribution Fiona has made over the past two years'. Freuds is not expected to replace her.
C&W's hunt for a CEO began after Jonathan Shore's exit last November, following a five-year stint at the helm.
Last year C&W lost high-profile accounts with O2 and Starbucks. The agency also saw the arrival and swift departure of several senior members of staff, including MD of technology Gladys Elia and MD of corporate Andrew Sharkey.
Before Freuds, Noble was MD of marcoms at WPP-owned Hill & Knowlton. She has also worked for Euro RSCG in its London office and helped set up its network in the Middle East.
C&W's global CEO Donna Imperato said: ‘We are very much looking forward to Fiona's fresh perspective and valuable input.'