The company, whose stock is listed on London's Alternate Investment Market (AIM), is expected to make a statement on Tuesday, Sky said. (http://bit.ly/1uG9JvC)
Former Investec PLC banker David Currie will replace Terry on a temporary basis, according to the report.
Earlier in the day, Quindell shares fell as much as 24 percent after it announced the resignation of its joint broker, Canaccord Genuity.
A Quindell spokesperson was not immediately available to comment.
(Reporting by Aurindom Mukherjee in Bangalore; Editing by Dan Grebler)