Beijing has drawn up plans to replace Hong Kong's beleaguered Chief Executive Carrie Lam with an "interim leader", the Financial Times reported yesterday.

Should Chinese President Xi Jinping give the green light for the plan, Mrs Lam's successor would be installed by next March and serve out the rest of her term, but may not necessarily serve a five-year term.

Potential candidates include former head of the Hong Kong Monetary Authority Norman Chan and former No. 2 official Henry Tang, the newspaper said.

When approached by The Straits Times, the Chief Executive's Office said it does not comment on speculation, while China's Foreign Ministry rejected the report as "a political rumour with ulterior motives".