The head of the Department of Public Expenditure and Reform, Robert Watt, is considering a new attempt at becoming the Central Bank Governor, according to a report from Bloomberg.

Watt was one of the two final candidates considered to lead the Central Bank in 2015, before being edged out by Philip Lane, then an economics professor at Trinity College. 

With Professor Lane set to move to the European Central Bank, Watt now may put himself forward for the position once more, Bloomberg said, citing two people familiar with the matter. 

A Department of Finance spokesman declined to comment on potential candidates. 

The Department said it will undertake a "comprehensive process" to find a new governor. 

As Philip Lane prepares to move, the Finance Department must decide whether to appoint another outsider to the Governor's job or return to the pre-financial crisis tradition of appointing from within the civil service. 

The Central Bank Governor position also carries a seat on the ECB Governing Council. 

The Government aims to choose the next governor before Lane formally takes up his ECB role in June. 

If it does not meet that deadline, it can appoint an interim governor for as long as three months. 

Sharon Donnery is also seen as a possible successor to Professor Lane at the Central Bank.