President Carter is considering Hale Champion, undersecretary of Health, Education and Welfare and former financial vice president at Harvard, and Lawrence E. Lynn Jr., professor of Public Policy at the Kennedy School, as replacements for Bert Lance, according to a story in yesterday's New York Times. Lance resigned as director of the Office of Management and Budget last Wednesday.

Champion, who ran unsuccessfully as a Massachusetts delegate for Rep. Morris K. Udall (D-Ariz.) in the 1976 Democratic primary, left Harvard for Washington last January. Lynn is a former assistant secretary of commerce.

Both were unavailable for comment yesterday. The White House refused tc comment yesterday on the Times's story.