President-elect Donald Trump is expected to nominate Exxon Mobil CEO and President Rex Tillerson to serve as his secretary of state, according to multiple news reports that surfaced Saturday.

Tillerson, 64, has served as Exxon Mobil’s president since 2004 and has worked with the company since 1975. Trump is expected to formerly announce Tillerson’s nomination soon, most likely next week, two sources told NBC News Saturday. One source added that Tillerson will work with former U.N. Ambassador John Bolton, whose name had also been under consideration for the position, as his deputy secretary of state. Nothing will be finalized, however, until the president-elect formerly nominates Tillerson.

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As an oil executive, Tillerson would bring his extensive experience in international negotiations to the State Department. Tillerson and Trump met privately in Trump Tower in New York City Tuesday to discuss the position.

Speculation concerning Trump’s pick for the highly coveted secretary of state position has been swirling for weeks and had centered previously on former New York City Mayor Rudy Giuliani and former Massachusetts Gov. Mitt Romney. Giuliani formerly took his own name out of the running Friday. As for Romney, several of Trump’s advisors and longtime supporters criticized the possibility of tapping the 2012 Republican presidential nominee due to his antagonistic stance against Trump throughout the election season.