The other contenders are Spain's Nadia Calviño and Luxembourg’s Pierre Gramegna.
Ireland's Finance Minister Paschal Donohoe is to put his name forward to become the next president of the Eurogroup of Eurozone finance ministers.
According to Irish and EU sources, an announcement is due at 1600 Brussels time.
Donohoe took up the role as Irish finance minister in June 2017. His name has been among three possible candidates as forerunners for the role, following the resignation of Portuguese Finance Minister, Mario Centeno last month.
His centre-right party, Fine Gael (part of the EPP bloc in the European Parliament), is in the final stages of agreeing a new programme for a government with the Green Party and Fianna Fail.
If the programme is passed in a vote due on Friday, it will be a clear indication that he'll remain in the finance role in the newly formed government.
If Donoghue succeeds, the victory will be viewed as a particular success for Ireland, given the economy was saved from bankruptcy by an EU-IMF bailout just ten years ago.
The other contenders for the role are Spain's minister for the economy and business Nadia Calviño, who put her name forward earlier this week, and Luxembourg’s finance minister, Pierre Gramegna, who is expected to put his name forward ahead of the deadline later on Thursday.
Voting is due July 9th.