Nuttaphong Kunakornwong, the son-in-law of former prime minister Thaksin Shinawatra, has not been proposed for the party leadership, according to Pheu Thai's acting secretary-general, Phumtham Wechayachai.
Mr Phumtham said press reports were the first that he had heard of the matter.
Mr Nuttaphong, CEO of SC Asset Corporation, married Pinthongta Shinawatra, Thaksin's eldest daughter.
SC is majority-owned by the Shinawatra family, which holds roughly a 60% stake, with Ms Pinthongta as the second-largest shareholder (28%) after her younger sister Paetongtarn (29%).
In 2015, Mr Nuttaphong was appointed as SC's CEO, the same position that Thaksin's youngest sister, former prime minister Yingluck Shinawatra, held during 2006-11 before she entered politics.
Mr Phumtham explained Monday that the party has not considered potential candidates to lead it yet. However, some members may already be aligning behind candidates of their choice.
The acting secretary-general said, however, that the party will be sounding out members' opinions on the issue soon.
He added that Pheu Thai will elect its leader immediately after the National Council for Peace and Order eases the ban on political activities after the organic law on the election of MPs is published in the Royal Gazette this month.
Meanwhile, a source in the party also said it will also install new executive board members, as putting younger, more vibrant executives at the helm will freshen up its image in the eyes of the voters.
The source also said that if Mr Nuttaphong is selected as leader, that might reduce internal friction.
Some heavyweights who were believed to be seeking a nomination for the role have met with resistance from certain factions in the party.
Fresh-faced candidates, such as Mr Nuttaphong, with no background of having been caught in factional conflicts, might win support across the party and prove an ideal candidate for the top post, according to the source.