Summers will be introduced along with Treasury Secretary-designate Timothy Geithner Monday, CNN reported, citing sources close to Obama's transition team. The president-elect is set to hold a news conference to issue more details on his strategy to deal with a quickly deteriorating U.S. economy and accelerating job losses, CNN reported.

Summers served as Treasury secretary in the Clinton Administration, and will be named chief of the National Economic Council, sources said. He and Geithner will spearhead Obama's goal, outlined Saturday in the weekly Democratic Party radio address, of using infrastructure rebuilding projects and investments in green technologies as the centerpiece of an economic stimulus and job creation program.

Obama's economic advisers have been working with Democrats in Congress to craft a stimulus proposal, which is thought to be worth at least $150 billion and perhaps much higher, The Washington Post reported.

On the campaign trail, Obama had proposed a two-year, $175 billion stimulus package, which would include money for cash-strapped state governments and infrastructure projects. Also contained would be a $1,000 tax credit for working families, the Post said.