Deutsche Bank, Germany's largest lender, is considering possibly replacing co-chief executive Anshu Jain if he is implicated in an ongoing probe into currency manipulation, according to a magazine report.

Without revealing its sources, the monthly Manager Magazin said former UBS chief financial officer John Cryan is being eyed as Jain's possible replacement.

A spokeswoman for Deutsche Bank initially refused to comment on the report, saying: "We do not comment on speculation and gossip."

It later said, regarding the speculation about Cryan, that "this rumour is categorically false and irresponsible".

According to the report, the supervisory board is discussing who could replace Jain, the former head of investment banking, as regulators investigate whether a number of global banks were involved in rigging foreign exchange reference rates.

In January, Deutsche Bank said it suspended "at least one" currency trader and said it is cooperating with regulators in the global forex probe.