The Chinese government is drafting a plan to replace Hong Kong's Carrie Lam with an "interim" chief executive, the Financial Times reported, citing unidentified people briefed on the deliberations.

Lam's successor would be installed by March and serve the remainder of her term if Chinese President Xi Jinping decides to carry out the plan, the paper cited the people as saying.

Lam's replacement wouldn't necessarily stay on for a full five-year term afterward. Leading candidates to succeed Lam include Norman Chan, former head of the Hong Kong Monetary Authority, and Henry Tang, who has also served as the territory's financial secretary and chief secretary for administration, the report added.