Citing unnamed sources, the paper said in its online edition that the SEC is trying to learn whether Hurd passed along insider information related to HP's . The SEC is also scrutinizing inaccurate expense reports filed by the former HP CEO and looking at whether he destroyed evidence, the Journal reported.

Reached late Monday, HP said it is "cooperating fully with the SEC on its investigation."

Hurd shocked Silicon Valley in August by abruptly resigning, following an investigation into claims that he had sexually harassed Jodie Fisher, a former HP contractor and unsuccessful movie actress. HP's investigation cleared Hurd of the sexual harassment charges, but found that he had filed inaccurate expense reports in an effort to conceal his relationship with Foster.

Fisher worked for HP between 2007 and 2009, and the SEC investigation appears to be focused on previously reported allegations that Hurd told Fisher about the $13.9 billion EDS allegation before it was announced. If Fisher or someone she knew executed a trade based on that information, that would be insider trading.

Hurd had a staid and low-profile image while HP's CEO, but was credited with turning the company's finances around during his four-year tenure there.