The Cubs have not asked Selig for permission to hold a news conference to introduce Epstein. Major League Baseball imposes a blackout on announcements during the World Series. With the Cardinals and Rangers tied at 1-1 in the best-of-seven series, the next off day and possibility for an announcement is Tuesday, a travel day.
During a radio interview on SiriusXM's Mad Dog Radio Thursday, Selig said he may step in to resolve the negotiations, which he is monitoring.
"It's a possibility," Selig said. "No question, it's a possibility."
The Cubs have declined to comment on the GM search.
Epstein, Hoyer and McLeod were together in Boston, and had a successful run, winning World Championships in 2004 and '07. Hoyer, who, according to reports, also was expected to get a five-year deal from the Cubs, rose from a baseball operations intern in 2002 to an assistant the next year. He took over the Padres as GM in October 2009.
"The only way [to win consistently] is through scouting and player development," Hoyer said when hired in San Diego. "I want to build it from within. There's no magic formula that I learned in Boston, no 'special sauce.' It comes down to the building blocks of baseball, which are scouting and development."
Epstein expressed his support of Hoyer.
"His combination of analytical ability, feel for the game, interpersonal skills and creativity helped make us tick, and he played a role in virtually every major decision we have made," Epstein said at the time.
McLeod was the director of amateur scouting for five seasons in Boston, and among the players he picked in the First-Year Player Draft were Dustin Pedroia, Jacoby Ellsbury, Clay Buchholtz, Daniel Bard, and Justin Masterson.
Hoyer brought McLeod with him to San Diego from Boston, where he was named assistant GM. McLeod is complimentary of Epstein, the Cubs' prospective general manager.
"It's his overall preparation for everything ... every part of the organization, whether it be making a decision on a Major League free agent or talking with me about staffing issues, he's very prepared," McLeod said in an interview with MLB.com prior to Spring Training.
Epstein, who will be 38 in December, has continued to work at Fenway Park this weeks while talks continue.