Richard Brasher took on the role around a year ago but is expected to leave the company later in 2012.
Philip Clarke, who is currently Tesco's group chief executive, will then assume responsibility for the UK business.
Sky News city editor Mark Kleinman said: "What this all adds up to is a sign that all is not well at Tesco, which has really been the dominant force in British retailing for the last 15 years.
"After Christmas it announced that it had had its worst festive trading period in about 20 years and investors in the city reacted very badly to that, wiping £5bn off the company's market value in a single day."
Earlier this month Mr Brasher announced Tesco is to create an extra 20,000 jobs in the UK over the next two years.
He told Sky News: "In unprecedented economic conditions like these, major businesses have a big responsibility to step forward, invest and create jobs."
And he insisted the pledge will be borne out, despite accusations that major supermarkets are inflating employment creation numbers.
"We are not counting people who move around our business.
"...These are real net new jobs, and that's what we stand behind."
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