Nokia is still the top of the heap in global handset sales, with roughly 40 percent of the market, but in recent years, the company has struggled to stay ahead of the pack technology-wise, as Apple, Google, and the like have reinvented and re-energized the smartphone market. The result has been, among other things, a rather drastic drop in stock prices.

The company is no doubt looking to make some major changes to help stay competitive—starting from the top down. Someone "familiar with the matter" told The Wall Street Journal that the Finnish technology giant is looking to replace its chief executive, Olli-Pekka Kallasvuo.

The source told the paper, "They are serious about making a change," adding that the company's board is, "supposed to make a decision by the end of the month."

Kallasvuo has headed the company since 2006—a bit of unfortunate timing, as Apple released the iPhone the following year. Despite the fact that Nokia leads the global market in handset units sold, Apple is actually more profitable in the market, racking up $1.6 billion to Nokia's $1.1 billion.

"We don't comment on market rumor or speculation," a Nokia spokeswoman said in an e-mail.