AAP

A knockout blow is believed to have been landed in the Brisbane Lions boardroom stoush - and Leigh Matthews is expected to emerge as one of the big winners.

It is believed the AFL legend will be appointed to the club's board after chairman Angus Johnson and challenger Paul Williams reportedly stepped down at Wednesday's general meeting in Brisbane.

Speculation about the move came barely 24 hours after Williams and fellow Lions director Mick Power launched their "Fresh Start" rival ticket also featuring Matthews that was set to challenge Johnson at the club's emergency general meeting (EGM) on November 13.

Power and Williams fell out with Johnson over the dumping of coach Michael Voss and failure to lure Sydney's premiership-winning mentor Paul Roos to the club two months ago.

The Lions could not confirm the news after Wednesday's meeting.

"The board of the Brisbane Lions met for a regular scheduled meeting this morning," a statement said.

"A compromise to the current board matter was discussed as part of mediation discussions that also involve the AFL.

"The club has no further comment to make at this stage."

It is believed the compromise was reached after Williams and fellow challenger Allan Smith walked away along with Johnson and board member Linda Nash at Wednesday's meeting.

Matthews was expected to be unveiled as the Lions' new football director after the AFL endorses the compromise deal - a move that will finally give the green light to a $1.8 million financial package for the club.

It is unclear whether the EGM, also set to address changing the Lions guernsey design, will still go ahead.

Triple premiership winning Brisbane coach Matthews made it clear on Tuesday he wanted to return to the Lions - but not to a board with Johnson as chairman.

"If they (Power-Williams) are not successful I am not on this board - it's a simple principle," he said.

He confirmed at the Fresh Start launch that he had been eyeing the football director role.

"I ummed and ahhed over it for the last couple of years but just couldn't bring myself to do it under the current leadership (Johnson)," he said.

"But under Paul and Mick I am prepared to put my hand up."

Matthews claimed there was "disengagement with the members" under Johnson.

"The guernsey is a classic example," he said.

"If the members want the traditional Lions guernsey the board can make that decision - that's what leadership is about.

"You don't need to go to EGMs for a no brainer like that.

"If you go back a couple of months and there was a ground swell for change.

"The people I know around the Lions operation have been thinking we need to find a better way, we need a new direction.

"Paul and Mick had the courage and determination to seek the change."