Clinton reached the decision after lengthy discussions with Obama about the nature of her role and his plans for foreign policy, one confidant told The New York Times. (NYSE:NYT)

Senior Obama advisers said Friday morning the offer had not been formally accepted and an announcement wouldn't be made until after Thanksgiving.

Clinton's apparent decision came after days of intense negotiations and vetting of former President Bill Clinton to remove any obstacles his global business and charitable activities may raise. Lawyers for the Obama transition team and the former president examined his finances and developed guidelines for his future activities to avoid any appearances of conflict of interest should Hillary Clinton take the top diplomatic job, the Times reported.

Clinton turned over names of 208,000 donors to his foundation and library and agreed to the conditions sought by Obama's transition team, people close to the vetting said.