Exxon Mobil CEO Rex Tillerson has met President-elect Donald Trump amid growing speculation that he is being considered for US secretary of state.
NBC News quotes sources close to Mr Trump as saying that Mr Tillerson is likely to be named next week.
Former UN ambassador John Bolton will serve as his deputy, NBC adds.
The news comes as Mr Trump's team challenged the accuracy of intelligence reports that Russia intervened to boost his election prospects.
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Veteran Republican Mitt Romney is among others who have also also been linked to the role of secretary of state.
Former New York City Mayor Rudy Giuliani withdrew himself from consideration for the post last week. Mr Giuliani's foreign business dealings had raised questions over his suitability.
Mr Tillerson, 64, has extensive experience in international negotiations and a business relationship with Russian President Vladimir Putin.
He has been a critic of the international sanctions against Russia for annexing Crimea.