The news comes against the background of coalition talks between German Chancellor Angela Merkel's CDU/CSU alliance and the SPD, which kicked off earlier in the day.
"It will really be a pity if we have to lose Gabriel as foreign minister," Michael Frenzel, the president of SPD economic forum told Die Welt, adding that Gabriel managed to lead a great foreign policy.
Reinhold Robbe, an SPD politician and a former parliamentary commissioner for the Armed Forces, said that it would be very bad advice for the SPD to lose Gabriel during a period of instability in the world.
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Gabriel is a figure with a political flair, which Schulz lacks, the SPD members reportedly claimed.
Gabriel has served as foreign minister since late January 2017 after he refused to run for chancellorship and gave up his position as the SPD leader.