The former president also agreed to let the White House check his international speaking schedule, the New York Daily News reported Saturday, noting Clinton already has given his financial records to the transition team of President-elect Barack Obama.
Obama is expected to announce he has picked his former Democratic presidential campaign rival as his top diplomat after Thanksgiving.
"If Barack Obama decides he wants Hillary Clinton to be secretary of state and she decides that she wants the job, then Bill Clinton won't stand in the way," a source close to the former President told the newspaper.
In other news from the upcoming Obama administration, sources told the Daily News retired Marine Corps Gen. James Jones is a favorite for the White House national security adviser post.
Campaign political director Patrick Gaspard has been named White House political director and Iowa campaign field director Jackie Norris has been named chief of staff for Michelle Obama.