The British Chancellor of the Exchequer, Mr Gordon Brown, is being lined up to take over as head of the International Monetary Fund, according to news reports.
The Guardian quoted IMF sources as saying that Mr Brown was one of the top candidates to succeed Horst Koehler who announced yesterday that he was resigning as managing director to stand for the presidency of Germany.
The Treasury sought to play down the report, while stopping short of an outright denial.
If Mr Brown were to take the IMF job in Washington it would effectively spell the end of his ambitions to take over from Tony Blair when he steps down as Prime Minister.
His departure would also have a huge impact on British politics, which he has dominated with Mr Blair since Labour's 1997 election victory.
Although there have been reports in the past that Mr Brown was interested in heading the IMF, it was thought at Westminster that that interest had waned in recent years.
The speculation comes amid signs that the at-times tempestuous relationship between the Chancellor and Mr Blair has been improving in recent months. That had led some observers to assume that the Prime Minister had finally agreed to hand over the reins of power to Mr Brown some time early in the next Parliament.