Republican Sen. Judd Gregg (N.H.) has emerged as President Obama's top pick for Commerce secretary and could be nominated as early as Monday, according to several major news outlets citing an unnamed administration official.

Speculation has swirled around Gregg during the past week. The GOP senator confirmed on Friday that he was in the mix for the post, issuing a statement through his office.

Among the news outlets reporting his likely selection are the Associated Press, The New York Times, Bloomberg, and ABC News.

While Gregg's departure from the Senate would leave a GOP seat up for grabs, Gregg will not take a post in Obama's Cabinet unless he is assured that his replacement in the upper chamber will be a Republican, two Republicans who know Gregg well have told The Hill.

If nominated and confirmed, Gregg would fill the post originally slated for New Mexico Gov. Bill Richardson (D), who withdrew amid controversy over government contracts awarded to his political backers.