Tesla's board has formed a special committee to explore CEO Elon Musk's pay, which could lead to him being offered a fresh package of stock options, the Financial Times reported on Wednesday.

Elon Musk is almost irreplaceable as Tesla CEO, analysts and investors told Business Insider. But if he did leave, these contenders could replace him.

Tesla has sent a message that Musk "isn't untouchable," said Quartz. The report of the board's willingness to replace him was likely part of a "game of high-stakes poker between the board and Musk" in which the board was firing a "warning shot," said Wedbush analyst Daniel Ives. It is likely Musk will remain CEO for at least five years.