Read More ECB ready to pull trigger amid stagnation fears
The ECB's deposit rate is now zero. Cutting it would effectively charge banks to park their money at the ECB overnight, which might be an incentive for them to lend the money instead.
Praet holds the economics portfolio on the ECB's executive board. He routinely makes a presentation and policy recommendation at the beginning of Governing Council meetings, which then form the basis for discussion.
The ECB declined to comment.
Read MoreEuro zone growth falls short of expectations
Last week Reuters reported that the ECB was preparing a package of policy options for its June meeting, including cuts in all interest rates.
Five people familiar with the measures being prepared described plans involving a potential rate cut, including the ECB's deposit rate going negative for the first time, along with measures targeting small and mid-size companies.
Follow us on Twitter: @CNBCWorld