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 Wednesday.

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The two-member committee comprises Tesla board Chair Robyn Denholm and independent board member Kathleen Wilson-Thompson, the newspaper reported, citing several people familiar with the matter.

In March, Musk kicked off an appeal to try to restore his $56 billion payday from Tesla, claiming a lower court judge made multiple legal errors in rescinding the record compensation.

The committee will also explore alternative ways to compensate Musk for his past work if Tesla fails to reinstate that 2018 pay deal through a court appeal this year, the FT said.

Tesla did not immediately respond to a Reuters request for comment outside regular business hours.