(CNN) — President-elect Barack Obama’s potential Cabinet is beginning to take shape, as transition team aides say he is closing in on nominations for some of the posts.

Sen. Hillary Clinton's team disputed reports she had agreed to accept the secretary of state post.

Timothy Geithner reportedly will be nominated for the post of treasury secretary in the Obama administration.

New York Federal Reserve President Timothy Geithner is "on track" to be offered the treasury secretary post, two sources close to the transition team said Friday.

Two sources also said Gov. Bill Richardson of New Mexico is a serious contender for commerce secretary, but that he could be tapped for another senior post.

Geithner has played a large role in the government’s efforts to wrangle the credit crisis, which has damaged markets and economies worldwide. While a number of those efforts have been controversial, Geithner remains a well-regarded figure from Wall Street to Washington.

Geithner began working with the Treasury Department in 1988 in the International Affairs division.

In 1999 he became under secretary of the treasury for international affairs.

Geithner would be charged with restoring stability to the financial markets, the banking system and the housing sector through oversight of the controversial $700 billion financial rescue package, of which about half is still available for use at the discretion of the treasury secretary.

The Dow Jones industrial index staged a late rally after traders heard news of Geithner’s possible appointment, rising by almost 500 points shortly before the market’s closing order Levaquin time. Read more about Geithner and expectations for the Cabinet position

The two sources close to the transition team said they do not consider Richardson’s appointment to the Commerce Department to be a done deal.

Richardson, 61, was a candidate for the 2008 Democratic presidential nomination.

Currently in his second term as New Mexico’s governor, he previously served as ambassador to the United Nations and energy secretary in the Clinton administration.

Richardson is also considered to be a possibility for the secretary of state post.

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Friday, Sen. Hillary Clinton’s camp shot down media reports saying that she had already agreed to accept the secretary of state position.

"We’re still in discussions, which are order prednisone very much on track," said Philippe Reines,

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