The Centre may announce successor to the outgoing Reserve Bank of India Governor Raghuram Rajan after Prime Minister Narendra Modi returns from his Africa tour, a report said.
Rajan had announced in June that he would return to academia and not seek a second term after his current three-year term at the central bank ends on September 4.
Top contenders for the post are former RBI deputy governors Subir Gokarn and Rakesh Mohan.
Gokarn is an executive director at the International Monetary Fund - a post previously held by Mr Mohan.
Others who are said to be in the fray are State Bank of India chairperson Arundhati Bhattacharya and Economic Affairs Secretary Shaktikanta Das.
As per the report, once a new governor is named, the person will become an Officer on Special Duty (OSD) in the central bank to allow a smooth transition.