Hayward and investment vehicle Vallares
In an interview with the newspaper, Hayward said he did not have any plans to step down from either TNK-BP
The paper said Hayward did not believe he will have the time to devote to TNK-BP.
Hayward left BP after its blown-out Macondo well caused the worst ever offshore oil spill in the United States. As part of the crisis, Hayward was vilified by much of the American press for a string of comments, including when he said he wanted to get his life back.
The news comes as Britain's prime minister, David Cameron, travels to Russia for a visit focused on business and trade. Cameron will travel with more than 20 business executives, including BP chief executive Bob Dudley.
BP has been engaged in a spat with its partners in TNK-BP, who have alleged billions of losses due to BP's failed plan to establish a parallel joint venture with state-controlled Rosneft.
Last week, black-clad special forces raided BP's Moscow offices and searched for documents related to the failed Rosneft deal.
BP was not available to comment.
(Reporting by Kate Holton; Editing by Dan Lalor)