Pictures of the king are to be replaced with pictures of Mount Everest, the Buddha or national luminaries, the Himalayan Times newspaper said.
Nepal's central bank has prepared proposals for changes to the notes and has sent them to the government for approval, the newspaper quoted Finance Ministry official Vidhyadhar Mallik as saying.
Finance Ministry officials could not immediately be reached for comment on the report.
Traditionally, pictures of Nepal's ruling monarchs have adorned all of the country's currency notes, reports AP.
Weeks of pro-democracy demonstrations forced Gyanendra was to give up his authoritarian rule last year. He has been stripped of his executive and political powers, and lost control of the army.
A special assembly, to be elected later this year, will decide whether Nepal will continue to have a king. Nepal has been ruled by Gyanendra's predecessors for more than two centuries.
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