Hong Kong newspapers said on Saturday Commerce Secretary Henry Tang was likely to be named finance secretary of the territory within days.
Speculation over who would be appointed to the key post in one of Asia's top financial centers has been intense since Antony Leung resigned in mid-July following massive anti-government protests.
The Sing Tao Daily, quoting what it called reliable sources, said Hong Kong's China-appointed leader Tung Chee-hwa had decided to appoint Tang, a member of the pro-business Liberal Party, as the new financial secretary and that Tang had agreed.
The newspaper said the appointment would be announced next week.
The Sun said Beijing had approved his appointment and the government would announce Tang's promotion by next Tuesday. Appointments of senior Hong Kong government officials need Beijing's approval.
Tang, a 50-year-old former textile tycoon, comes from a prominent Shanghainese family, as does Tung.
The reports come after David Li, an influential legislator, banker and good friend of Tang's, said on Friday Tang was likely to be appointed the post.
"The government will announce appointments of senior officials once a decision has been made," a government spokeswoman said when asked to comment on the reports.
The Sing Tao Daily said Tang would become Hong Kong's first financial chief with political affiliations.
Tang, who had previously said he was not interested in the post, cut short an official trip to Europe and returned to Hong Kong on Thursday, citing work reasons.
Leung quit on July 16 in the wake of mass protests over the government's handling of a controversial subversion bill and its failure to reduce record high unemployment and revive battered consumer confidence.
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