Former Treasury Secretary Larry Summers has pulled his name out of the running to be the next chairman of the Federal Reserve, according to a report on Sunday.

In the face of stiff opposition from President Obama's own base, Summers withdrew from consideration for the top post, the Wall Street Journal reported.

Summers, Obama's former chief economic adviser and Treasury Secretary under President Bill Clinton, was seen by many as the frontrunner for the job. Obama has gone out of his way to defend Summers, a rare move ahead of making an official nomination.

Federal Reserve Vice Chairwoman Janet Yellen, the preferred pick of many Democrats, is now seen as the likeliest choice by Obama.

The White House on Friday said Obama hasn't yet made a decision about the successor to Federal Reserve Chairman Ben Bernanke.