Former Federal Reserve Gov. Lawrence Lindsey reportedly is being considered for the role of U.S. Federal Reserve Vice Chair.

Lindsey, a former top economic adviser to President George W. Bush, is interested in exploring the job, CNBC reported, citing sources. 

The White House is looking for monetary policy expertise for the position, the sources told CNBC and Lindsey would fit that bill. The president and CEO of economic consultancy firm The Lindsey Group was a governor of the central bank from 1991 to 1997.

The economist was director of the National Economic Council under Bush. He also served in the administration of former President George H.W. Bush and under President Ronald Reagan.

Lindsey, architect of tax cuts in the Bush 43 White House, was also heavily involved behind the scenes in crafting the recent tax cut legislation. Lindsey was also author of "Conspiracies of the Ruling Class."

The vice chair seat was vacated in October by Stanley Fischer for personal reasons.

Meanwhile, the White House also reportedly is considering Mohammed El-Erian, chief economic adviser at German insurance giant Allianz, among other possible candidates, to be a vice chair at the U.S. Federal Reserve, CNBC reported last month, citing a report from Dow Jones.

CNBC said that, according to the report, a broad range of candidates were under consideration. Asked by Reuters about the report, a White House spokesperson declined to comment.

(Newsmax wire services contributed to this report).