Richardson, who was the U.S. ambassador to the United Nations for former President Bill Clinton, originally was floated as a possible nominee for secretary of State, The Washington Post reported Friday.

Sen. Hillary Clinton, D-N.Y., reportedly accepted Obama's offer for that position Friday.

Speculation about the Commerce post originally centered on Chicago billionaire Penny Pritzker, who the finance chairwoman for Obama's campaign and a close friend but she removed herself from consideration Thursday.

Richardson, a two-term governor, was among the early crowded field seeking the Democratic nomination for president. After he dropped out from the race, Richardson endorsed Obama.

Richardson spent 15 years in the U.S. House of Representatives. A year after his ambassadorship, Richardson was named Energy secretary by Clinton.