New York Federal Reserve Bank President William Dudley would announce his retirement as early as next week, the local media reported.
CNBC quoted unnamed sources as saying that Dudley will likely retire sometime in the spring or summer of 2018 when his replacement is found and approved, Xinhua news agency reported.
Dudley, who became the head of the regional bank in 2009, will see his term expire in January 2019.
As head of the New York Fed, Dudley serves as the Vice Chairman and a permanent member of the Federal Open Market Committee, the monetary policy setting group of the Federal Reserve.
He has been a close ally of Fed chair Janet Yellen.
According to reports, the New York Fed has started the search for a successor.