Report: Obama appoints advisers to spearhead library search

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The selection of Nesbitt, who works as a businessman in Chicago, will do little to counter the conventional wisdom that the city will be the home to the Obama presidential library. 

The University of Chicago, where Obama taught as a law professor, and first lady Michelle Obama served as a hospital executive, has already expressed interest in housing the Obama library and museum. The first family's Chicago home is located near the university's Hyde Park campus.

But other schools — including the University of Illinois at Chicago — have also expressed interest in bringing in the presidential library. Officials in Hawaii have also said they hope the president considers bringing the library to the state where he grew up.