Indian Prime Minister Manmohan Singh is likely to appoint Home Minister P. Chidambaram as the country's new Finance Minister amid speculation of a Cabinet reshuffle later this week, media reports said Tuesday.

Power Minister Sushil Kumar Schinde is likely to replace Chidambaram as the Home Minister, the media reports said, adding that Schinde will also become the ruling Congress party's Leader of Lok Sabha (Lower House of Parliament).

The posts of Finance Minister and Leader of Lok Sabha were earlier held by Pranab Mukherjee who has now become the country's President. Indian Prime Minister is currently holding the finance portfolio while the Lok Sabha Leader's post is lying vacant.

A tough task master, Chidambaram was India's Finance Minister from 2004 to November 2008, but took over as the Home Minister after the Mumbai terror attacks which killed over 170 people.