Wells Fargo & Co.'s board members are discussing the possibility of Harvey Schwartz, Goldman Sachs Group Inc.'s former president and co-COO, becoming the CEO of Wells Fargo, the New York Post reported.

According to the news outlet, there is another serious contender for the role, but their identity could not be learned immediately.

Citing an unnamed source, the news outlet reported that talks with Schwartz could still fall apart.