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UPDATE 1-White House set to name Powell as Fed Chair on Thursday - WSJ

(Adds Powell already named as frontrunner, details)

WASHINGTON, Nov 1 (Reuters) - The White House has notified current Federal Reserve Governor Jerome Powell that it will nominate him as the next chair of the Federal Reserve, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter.

Powell, 64, was already seen as the frontrunner for the job, with a White House source telling Reuters on Monday that he was the likely pick.

The Journal said that President Donald Trump had spoken with Powell on Tuesday, a second unnamed source familiar with the matter told the newspaper.

Trump had settled on Powell to replace the incumbent Janet Yellen by Saturday, the newspaper said. A formal announcement will come on Thursday, but Powell's nomination will need to be confirmed by the Senate.

Janet Yellen's term as Fed chair expires in February 2018 and Powell is seen as likely to continue her policy of gradual interest rate rises to protect the economic recovery from the 2008 financial crisis. (Reporting by Jeff Mason)