President Trump said Thursday that he will announce his nominee to be the next chair of the Federal Reserve on Friday morning.

Trump told reporters Thursday night at the premier of First Lady Melania Trump's movie, "Melania," that he would announce the decision Friday morning.

Asked whether he knew who he'd nominate to the role, Trump said: "I do."

Polymarket data showed former Fed Governor Kevin Warsh is npw the prohibitive favorite to get the nod, with his odds north of 85%. Rachel Bade, former author of Politico's Playbook, said in a post on X that Trump was leaning towards Warsh for the role.

Earlier in the day during a Cabinet meeting, Trump said he'd announce his nominee to lead the Fed "next week," adding, "it'll be a person that will, I think, do a good job."

"With the help of the Fed, we could hit numbers that have never been hit before," he added.

On the president’s short list have been Warsh, Fed governor Chris Waller, BlackRock chief of fixed income Rick Rieder, and National Economic Council Director Kevin Hassett.

Sen. Thom Tillis, a Republican from North Carolina, has threatened to block whomever Trump nominates to be the next Fed chair until the criminal investigation into Chair Jerome Powell, launched by the Justice Department, is resolved.

Warsh has experience navigating the central bank.

President George W. Bush appointed him to serve as Fed governor in 2006, and he served as former Fed Chair Ben Bernanke’s liaison to Wall Street during the 2008 financial crisis. Warsh resigned from the Fed board in March 2011.

Before serving at the Fed, Warsh was special assistant to Bush for economic policy and an executive secretary at the National Economic Council, where he advised the president and senior administration officials on the US economy.

Read more: How much control does the president have over the Fed and interest rates?

Joe Lavorgna, counselor to Treasury Secretary Scott Bessent, said in an interview Wednesday that he’s not concerned and he thinks a new chair will be in place by May when Powell’s term expires.

“I don't believe it'll be dragged out,” Lavorgna said. “There's a lot of time between now and [May], and I'm expecting a successful resolution and the president putting somebody forward who will do a great job running the Fed.”

Lavorgna and Bessent, who also put the timing of the announcement in the next week, spoke at an event promoting Trump accounts, a new tax-advantaged investment and savings vehicle that parents can open for children under 18.

Babies born between Jan. 1, 2025, and Dec. 31, 2028, are also eligible to receive a $1,000 contribution from the Treasury Department that will be immediately invested in a stock index fund. To claim this investment, most families need to check a box on tax Form 4547.

Read more: Trump accounts explained: How they work, who qualifies

Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance, she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram.

Click here for the latest economic news and indicators to help inform your investing decisions

Read the latest financial and business news from Yahoo Finance