Germany's federal cabinet will decide on Wednesday who will succeed Axel Weber as Bundesbank president, German newspaper Bild reported on Tuesday, citing unspecified sources.

Jens Weidmann, an economic adviser to Chancellor Angela Merkel, is widely considered a leading candidate to replace Weber at the helm of Germany's central bank when he steps down in April, the paper reported, adding that Weidmann is Merkel's preferred choice.

Merkel still plans to get the go-ahead for the appointment from Guido Westerwelle, the head of her junior coalition partner, the Free Democrats, and from the leadership of the largest opposition party, the Social Democrats, said Bild.

The German government announced on Friday that Weber would step down as head of the Bundesbank a year before his term ends, formally ending his chances of becoming the next ECB president.

On Saturday, Weber confirmed he would not be a candidate to head the ECB, blaming resistance in some European countries to his hardline monetarist stance.