Trump to replace Yellen at Fed: report

US President Donald Trump is increasingly unlikely to nominate Federal Reserve Chair Janet Yellen for a second term, and top White House economic adviser Gary Cohn is the leading candidate to succeed her, according to a report.

Politico reports that sources in the White House, the Treasury Department and on Capitol Hill say if the National Economic Council director wants the job, he is likely to get it.

A few Senate Republicans may express reservations about Cohn but he would probably receive widespread support, a senior congressional Republican aide said, according to Politico.

In response to a query from Reuters, White House spokeswoman Natalie Strom said: "Gary is focused on his responsibilities at the NEC."

Cohn, a Democrat and former Goldman Sachs president, did not work on Trump's campaign and only got to know him after the November election.

Yellen took over from Ben Bernanke as Fed chair in February 2014 with the US economic recovery from the 2008 financial crisis still on shaky ground.

She has made no secret she puts a priority on growth in jobs and wages and a broad recovery in US household wealth.

Yellen begins two days of congressional testimony on Wednesday on the Fed's semi-annual report on the state of the US economy.