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Shabana Mahmood is the frontrunner to become the next Chancellor when Andy Burnham officially becomes Prime Minister on Monday.
The Home Secretary has emerged as favourite to move into Number 11 Downing Street.
Those on the Labour left had pushed for Ed Miliband to get the role in a row that has divided Mr Burnham’s supporters.
However, while Mr Burnham's team insist no final decisions have yet been made, it was thought the current Energy Secretary would be a target for criticism.
Who will be the next Chancellor?
Shabana Mahmood
Home Secretary Shabana Mahmood PA WireMs Mahmood has been in charge of the Home Office since September last year, having previously served as the Justice Secretary.
Her immigration reforms, which include abolishing permanent refugee status and doubling the qualifying period for Indefinite Leave to Remain, have been controversial with some in Labour ranks.
While she does not have a strong record on economic issues, she is understood to be considered more centrist given her hardline immigration stance.
She also has a reputation for getting to grips with complex Whitehall departments and standing up to the civil service.
Ed Miliband
Energy Secretary Ed MilibandPA WireMr Miliband has been the Energy Secretary since Labour came to power in July 2024.
He is popular among Labour party members but his net-zero policies have proved controversial with the public.
His supporters within the party have said he would be the best candidate to take on Treasury orthodoxy.
However, some MPs have argued that he led Labour to a brutal general election defeat in 2015 and would be a risky choice with the electorate.
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It is understood he could be offered the post of Foreign Secretary.
Yvette Cooper
Foreign Secretary Yvette Cooper PAThe current Foreign Secretary is seen as an outside pick to lead the Treasury.
She is one of the most experienced ministers in Government and served as chief secretary to the Treasury under Gordon Brown.
Politically, the MP for Pontefract, Castleford and Knottingley could be seen as a compromise between Ms Mahmood on the Labour right and Mr Miliband on the left.
Rachel ReevesGettyRachel Reeves
Britain’s first woman Chancellor has been lobbying to keep her job but it seems highly unlikely that she will stay on under the next Prime Minister.
Mr Burnham, who is allied with the Labour soft left, is entering Number 10 on a promise of change.
Ms Reeves is facing historically low public approval ratings with 54 per cent of the public saying she is doing a “bad job”, compared to 12 per cent who back her policies, according to a recent YouGov poll.