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UPDATE 1-Andrew Bailey firm favourite to head Bank of England - FT

(Adds details from report)

LONDON, Dec 19 (Reuters) - Former Bank of England deputy governor Andrew Bailey is the firm favourite to be named as the new governor of the British central bank, the Financial Times reported on Thursday.

Bailey, 60, currently runs the Financial Conduct Authority which is charged with cracking down on misconduct in the finance industry.

The FT said another former BoE deputy governor, Minouche Shafik, was no longer in the running while Shriti Vadera, chair of Santander UK, and former Federal Reserve policymaker Kevin Warsh, were out of contention too.

Gerard Lyons, previously economic adviser to Boris Johnson as London mayor, before he became prime minister, was considered to have fallen short of the requirements of the job but still had outside chance of getting it, the newspaper said.

A spokesman for Britain's finance ministry declined to comment on the report.

Finance minister Sajid Javid was expected to announce the choice of the new governor on Friday, the FT said. (Writing by William Schomberg; editing by Costas Pitas)