U.S. media reports say White House Chief of Staff Jack Lew is expected to be picked to lead the Treasury Department.

Officials tell CNN and the AP Wednesday that President Barack Obama's announcement on the nomination could come before the end of this week.

Lew has served as budget director for Mr. Obama and former President Bill Clinton. He has played a key role in several financial negotiations between the White House and Congress.

Before returning to the Office of Management and Budget in 2010, Lew served as Deputy Secretary of State. He has also led Citi Global Wealth Management as chief operating officer and New York University as executive vice president and chief operating officer.

His nomination would have to be confirmed by the Senate. If approved, he would replace current Treasury Secretary Timothy Geithner.