The French finance minister has been cited as the most likely candidate to replace Dominique Strauss-Kahn, who recently quit the job following allegations of sexual assault of a hotel maid, Bloomberg reports.
Developing nations failed to unite behind one person, but US Treasury secretary Timothy Geithner said he is hopeful that a new managing director will be appointed sooner rather than later.
He stated: "We want to see an open process that leads to a prompt succession."
The IMF's acting managing director John Lipsky "will provide able and experienced leadership to the fund at this critical time for the global economy", Mr Geithner added.
Mr Strauss-Kahn has been granted bail in the sex crime case, but New York supreme judge Michael Obus said he will need to pay $1 million upfront and provide a guarantee for a further $5 million.
By Asim Shah