Investing.com -- President Donald Trump is preparing to nominate Council of Economic Advisers Chairman Stephen Miran to serve as a Federal Reserve governor, according to a report from Bloomberg News, citing a person familiar with the search.

On Wednesday, Trump indicated he would likely nominate a temporary governor to fill the vacant seat, rather than selecting someone who might eventually replace Chair Jerome Powell, whom the president has frequently criticized regarding monetary policy decisions.

If nominated and confirmed by the Senate, Miran is expected to serve only until January when his term would expire, according to the source, who requested anonymity to discuss internal White House deliberations.

The nomination would fill the position being vacated by Fed Governor Adriana Kugler, who announced last week that she plans to leave her role on Friday.

The White House emphasized that no decision is final until Trump makes a formal announcement.