Gordon Brown is expected to carry out a limited cabinet reshuffle in the next few days.
The BBC reported on Thursday that the prime minister would hold off from making major changes to the cabinet due to the economic crisis.
But a replacement will need to be found for Ruth Kelly, who said she would quit as transport secretary to spend more time with her family.
Downing Street has refused to comment on the reports, although officials have indicated to the Press Association that it is likely to take place some time on Friday.
Trade minister Lord Jones has become the latest senior member of the government to say he would step down in a reshuffle.
The former CBI chief told the BBC he had only intended to do the job for a "finite period" and was not leaving because of Brown's performance.
"I said when I took the job fifteen months ago... I'd do if for the country, for the government, for my prime minister," he said.
Meanwhile, the Times newspaper said the prime minister is to set up an emergency committee to help manage the financial crisis.
According to the paper, the committee would be similar to the Cobra crisis management committee.
It would be run from the Cabinet Office and would include ministers, officials and advisers.

Dods Parliamentary Communications Ltd