The Nikkei newspaper, which did not publicly name its sourcing for its story, said Obama was "set to" name Summers to the position, possibly as early as next week.

White House spokeswoman Amy Brundage said in a tweet Friday that "the latest rumors this morning in the Japanese press aren't true" and that Obama "has not yet made a decision on Fed Chair."

On Tuesday, more than 350 economists signed a letter to Obama calling on him to nominate Federal Reserve Vice Chair Janet Yellen to be the Fed's next chairman.