Kevin Warsh is the favorite to become the next chair of the Federal Reserve, according to a bookmaker.
BetOnline has offered odds of 1/1 on Warsh assuming the role when Powell's term ends. Warsh previously served on the Federal Reserve Board of Governors from 2006 to 2011.
Newsweek contacted the Federal Reserve Board for comment by email outside of normal business hours.
President Donald Trump's administration has been at loggerheads with Powell -- whom he nominated in 2017 -- over lowering interest rates by three percentage points.
The president has said lower borrowing costs will boost the economy and reduce the interest the federal government pays on its debt. But Fed officials have warned that lowering interest rates could increase inflation.
The new betting odds come as Trump indicated that he would nominate either Warsh or national economic council Kevin Hassett to replace Powell, whose term is set to end in May.
"The two Kevins are very good," Trump told Reuters on Wednesday. "You have some other good people too, but I'll be announcing something over the next couple of weeks."
BetOnline offered odds of 3/2 on Hassett assuming the role. It also gave Christopher Waller, a member of the Federal Reserve Board of Governors, odds of 8/1.
Meanwhile, Rick Rieder, BlackRock's chief investment officer, had odds of 11/1; Judy Shelton, a former American economic advisor to Trump, was 20/1; Scott Bessent, the U.S. Secretary of the Treasury, was 33/1; Stephen Miran, an economist who has been on the Feb Board since September, was 50/1; and Michelle Bowman, vice chair of the Federal Reserve, was 50/1.
It comes after Powell announced Sunday that the Department of Justice (DOJ) had served grand jury subpoenas threatening criminal indictment related to his June testimony before the Senate about the Fed's $2.5 billion office building renovation project, which ran over budget.
He said he believed it was connected to the administration pressuring him to lower interest rates. Trump denied having any knowledge of the investigation.
Trump told Reuters on Wednesday he had no plans to fire Powell.
Trump told NBC News on Sunday: "I don't know anything about it, but he's certainly not very good at the Fed, and he's not very good at building buildings. No. I wouldn't even think of doing it that way. What should pressure him is the fact that rates are far too high."
Powell said in a video statement released Sunday: "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president."
Powell's term ends in May. Trump has said he will announce his replacement in due course.