Jack Dorsey
Courtesy Photo

Twitter may be about to hire co-founder Jack Dorsey as its permanent CEO three months after he took over the job on a temporary basis.

The tech news site Re/Code says Dorsey's appointment could be announced as early as Thursday morning. The report posted Wednesday cited unnamed sources, who also said revenue chief Adam Bain is expected to become the company’s new COO.

Twitter declined to comment. Its shares climbed nearly 3 percent in afternoon trading.

If Dorsey is anointed as Twitter's CEO, it would mark his second reign at the San Francisco company that he helped start in 2006. He was Twitter's original CEO until he was ousted in 2008 in a coup engineered by another company co-founder, Evan Williams. The social media company has been searching for a new top exec since Dick Costolo stepped down in early June.

Dorsey is expected to continue as CEO of Square, the e-payments company.

Although Twitter is among the world's best known technology companies, it still hasn't posted a profit and its user growth has been slowing. On a recent earnings call, Dorsey said Twitter’s product team needed to step it up and there have been rumors that the company may tinker with its 140-character limit for tweets.