The move would mark the first and most consequential exit in what might be a complete reorganization of President Joe Biden's economic team, the report said on Tuesday, citing people familiar with the matter.
Axios went on to note that talks of Yellen's exit is in the early stages, underscoring no official decision has been made on the matter. However, it was stated various factors will influence the move, among them whether the control of the US Senate flips in favor of the Republican Party.
In light of the report, a spokesperson for the Treasury secretary has denied claims of Yellen's reported departure.
Elsewhere, the outlet indicated that Brian Deese, who serves as the director of the National Economic Council, may be parting ways with the Biden administration in early 2023. The development, if true, would pave the way for Gene Sperling to take up the post. Sperling currently coordinates the Biden White House's implementation of the American Rescue Plan.
"While we are prudently planning for potential transitions post-midterm, neither Secretary Yellen or Brian Deese are part of those plans," senior White House adviser Anita Dunn told Axios.
Ahead of the midterm election in November, Yellen has been on somewhat of an economic tour. Earlier, Yellen praised the so-called economic wins of the Biden camp, highlighting the economy's improvement since the height of the pandemic.