The TV channels — CNBC Awaaz and ABP News — also said that a formal announcement of the decision was expected in next 48 hours.
Modi’s office declined to comment, but said a decision on the new central bank chief would be made before July 18. Panagariya’s office also refused to comment.
Panagariya, who heads the government’s main economic advisory body NITI Aayog (National Institution for Transforming India), is also India’s Group of 20 summit negotiator.
The term of outgoing RBI chief Raghuram Rajan ends in early September. Rajan shocked markets late last month by announcing he would not seek reappointment.