Reserve Bank of India (RBI) Governor D. Subbarao is due to step down in less than seven weeks but the government is still struggling to decide on the next chief for the central bank.

Many analysts are of the view that the government may give an extension to Mr. Subbarao's tenure, but he recently declared that he had not been given any such offer.

Speaking to reporters in Moscow on Saturday, he said, "No offer has been made so far, so there is no question of accepting so far. It is a hypothetical question. As I said before, I must move on."

He was speaking to reporters on the sidelines of a meeting of the financial leaders of the world.

Mr. Subbarao's tenure is coming to an end as he is struggling to prevent rupee from declining further. Nearly two weeks back, the rupee slipped to its all-time low of 61.21 per US dollar.

The list of other leading candidates for the top job at the central bank includes India's chief economic advisor Raghuram Rajan, who had predicted the global financial crisis well in advance; and Economic Affairs Secretary Arvind Mayaram, who is a key lieutenant to Union Finance Minister P. Chidambaram.

Planning Commission member Saumitra Chaudhuri is also been cited by sources as a contender for the top job at the central bank.