New York Senator Hillary Rodham Clinton has reportedly accepted the position as secretary of state in Barack Obama's administration.

The New York Times reported Friday that she will give up her Senate seat. The information is attributed to two confidants of the former First Lady.

The paper also reports that an official announcement is not expected until after Thanksgiving.

"We’re still in discussions, which are very much on track. Any reports beyond that are premature," said senior Clinton advisor Philippe Reines.

Thursday night, Clinton aides said disclosure issues concerning former President Bill Clinton's finances and funding of his foundation had been worked out.

While in Harlem Thursday night to help open a squash center for area kids, Hillary Clinton remained mum on serving in Obama's cabinet.

"Somehow I don't think [my becoming secretary of state] is on a lot of young people's minds," said the former First Lady.

Should Clinton accept the position, Governor David Paterson would appoint a replacement to her open Senate seat. Names rumored to be in the running for the seat include State Attorney General Andrew Cuomo, Mayor Michael Bloomberg and Congresswoman Nydia Velazquez.

Locals in Union Square in Manhattan had mixed reactions to the announcement.

“I think it’s a good thing because she’s a very good leader and she understands politics very well," said one New Yorker. “Obama’s a smart guy. He is getting everyone on the board.”

“Because of her wavering on political issues in the past, I also feel an uneasiness around her nomination because of Bill Clinton’s past history of international relations,” said another.

Meanwhile, another New Yorker is likely to get a seat in Obama's cabinet.

An official close to the president-elect said Tim Geithner, the 47-year-old president of the New York Federal Reserve, will likely be named Treasury Secretary.

Geithner has been working closely with current Treasury Secretary Henry Paulson during the financial crisis, and previously held posts in the Treasury Department under three administrations before joining the N.Y. Fed in 2003.