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Brandao will replace Rubem Novaes, who tendered his resignation last month and will leave later in August.
Banco do Brasil and the Economy Ministry did not respond immediately to a request for comment, although earlier on Saturday a ministry spokesperson said they could not confirm anything yet.
Local media, including newspapers Valor Economico and O Globo, reported that Economy Minister Paulo Guedes has given the green light to Brandao’s nomination, but it will not be officially announced for a few days.
The government has been seeking as a replacement executives with backgrounds both in finance and technology to handle fiercer competition among banks and fintechs.
