Buffett said in a 22-page letter to shareholders he is in "excellent health" and has no plans of "going anywhere."
The Wall Street Journal reported Saturday Buffett's letter points out there were two backup candidates for the job in case the heir-apparent, for some reason, does not accept the job.
The letter said the board at Berkshire Hathaway has had a great deal of "exposure" to the nominal successor, which suggests he or she is someone who already works at the firm.
Berkshire Hathaway is an investment firm that has made Buffett one of the richest men in the country, frequently appearing as No. 1 or No. 2 on the Forbes list of wealthiest individuals.
But he is 81 years old and the company's chairman, chief executive officer and chief investment officer. That makes his successor the heir to possibly many roles, although Buffett has said his work would be divvied up among several individuals when he quits working.
His letter says the transition to a new CEO will be "seamless."
Jordana Brewster on Paul Walker: 'He was an enormous presence in my life'
Exploding whale video goes viral on Internet