Not surprisingly, there are rumors that Elop is on Microsoft's shortlist to replace Ballmer as CEO of Microsoft. Also on the shortlist are Skype manager Tony Bates and former CEO of VMware (and former Microsoft senior executive) Paul Maritz. The report surprisingly also lists Bill Gates for a possible comeback, but that seems pretty unlikely to us.
Other sources have also put Julie Larson-Green, Microsoft's current head of the newly created Devices and Studios Engineering Group, as a name on that shortlist. Of course, with a year until Ballmer formally retires, there is plenty of time for rumors and more names to enter the race.