Herman Cain is expected to withdraw his name from consideration for the Federal Reserve's Board of Governors after four Republican senators came out against his potential appointment, according to media reports Thursday night.

ABC News reported that Sens. Mitt Romney of Utah, Lisa Murkowski of Alaska, Cory Gardner of Colorado and Kevin Cramer of North Dakota have all said they would not support Cain, sinking any chance he would be confirmed by the Senate.

Media reports said the senators were concerned about Cain's position on interest rates and the possibility of scrutiny over past sexual misconduct allegations.

Cain is the former head of the Godfather's Pizza chain and made a bid for the 2012 GOP presidential nomination but dropped out of the race after sexual harassment allegations were made against him, which he has denied.

During the campaign, Cain touted a "9-9-9" tax proposal that he said would replace the federal tax code with a 9% income, 9% business and 9% sales tax. Cain served on the Kansas City Federal Reserve between 1989 and 1996.

Cain is expected to make his withdrawal announcement in the coming days. NBC News reported White House Economic Council Director Larry Kudlow said President Trump was sticking to nominating Cain at the current time, and Trump told reporters earlier Thursday that he liked Cain but would have to make his withdrawal determination on his own.

Introducing TheStreet Courses: Financial titans Jim Cramer and Robert Powell are bringing their market savvy and investing strategies to you. Learn how to create tax-efficient income, avoid top mistakes, reduce risk and more. With our courses, you will have the tools and knowledge needed to achieve your financial goals. Learn more about TheStreet Courses on investing and personal finance here.