Head of the Press Complaints Commission (PCC) Lord Hunt said: "I do not want the message to go out from this country that the UK is bringing in a press law but we do have to make a fresh start with a new body and that is what I'm going to reveal.
"I did sense that Brian Leveson wants the press now to get on with it. He embraced a free press. What we have to make sure now is the press do not let him down. There is a huge opportunity here and we must seize it."
Bob Satchwell, executive director of the Society of Editors, warned that detailed statutory underpinning of regulation could be dangerous.
He told Sky News: "What there can't be though, in my view, because it would take us back down that slippery slope, the 350 years back to licensing, is if you let politicians get too involved.
"What you can't have is too much detail in any kind of statutory underpinning, that's where the danger lies.
"Most politicians, once you give them a little nose into something, will try to find a very much wider thing down the line.
"We might have benign politicians now, but 10 years' time? That's the problem."
