Shareholders at Toshiba are expected to endorse all proposed directors at its annual general meeting on Tuesday, people familiar with the matter have told Reuters.

The news comes after bidders valued Toshiba at up to $22 billion, according to the news agency.

In May, the Japanese conglomerate nominated an executive from M&A advisory firm Houlihan Lokey as chairperson and executives from Elliott Management and Farallon Capital Management - a board overhaul which has prompted murmurings of a potential buyout to take the firm private.

Sources previously told Reuters that, exploring strategic options, Toshiba had received eight initial buyout proposals and two for capital alliances that would see it remain listed.

The unidentified bidders are now reportedly discussing an offer price range of up to 7,000 yen a share with Toshiba's shareholders, representing up to a 27 per cent premium to Toshiba's share price which is currently trading at around 5,000 yen.

While it is believed that the board shake-up could hasten a buyout, the proposed nominees are not without their critics.

Mariko Watahiki, an external director for Toshiba, has objected to the candidates put forward by Elliott and Farallon, alleging the duo's presence on the board would skew it towards activist investors, Reuters reported.

Watahiki's objection, however, is unlikely to amass support to reject the nominations, a person familiar with the matter told Reuters on condition of anonymity.

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