Oxford dons' notorious proclivity for gossip and intrigue is being given full rein as speculation grips the university about the imminent announcement of a new vice-chancellor.

The secretive nominating committee will announce within the next month or two its choice to replace John Hood from October next year. Mr Hood's successor will help oversee a fundraising campaign, launched today, which Oxford describes as "the most important . . . in the history of the university" - aiming to put it on "a level playing field" with the top US colleges.