On Friday of last week, a Bloomberg News report said Brandicourt was a front runner for the job, citing people with knowledge of the company's strategy.
A former doctor who studied and practised in Paris, Brandicourt's name has been circulating for months as one of a small handful of people suitable as a potential replacement for Chris Viehbacher, sacked by Sanofi's board in October.
Chairman Serge Weinberg, who has been acting CEO since Viehbacher's ouster, said earlier in February that a permanent replacement would be appointed from outside the company before March 31. Friday's Bloomberg report said talks were underway over Brandicourt's exit from Bayer, with the Sanofi board still considering alternative CEO candidates.
Le Figaro's report, carried on its web site, did not mention other candidates.
Brandicourt has worked in the pharmaceuticals industry for 25 years and took on his current role at Bayer in 2013. A Sanofi spokeswoman and a spokesman for Bayer Healthcare both declined to comment.