WASHINGTON (Reuters) – President Donald Trump plans to nominate current Federal Reserve Governor Jerome Powell as the next chair of the U.S. central bank, a source familiar with the matter said on Wednesday.

The announcement is expected on Thursday.

Powell, 64, was already seen as the frontrunner for the job, with a White House source telling Reuters on Monday that he was the likely pick.

The Wall Street Journal, citing a person familiar with the matter, reported earlier on Wednesday that the White House had notified Powell that Trump intended to nominate him to the post.

Trump spoke with Powell on Tuesday, the Journal said.

Powell’s nomination would need to be confirmed by the Senate.

Janet Yellen’s term as Fed chair expires in February 2018 and Powell is seen as likely to continue her policy of gradual interest rate rises to protect the economic recovery from the 2008 financial crisis.

Powell could not immediately be reached for comment. The White House and the Federal Reserve did not immediately respond to requests for comment.