President Moon Jae-in will reportedly replace Finance Minister Kim Dong-yeon as early as Friday.

A senior official at the top office said that the announcement could be made any time between Friday and next Tuesday before Moon leaves for Singapore for annual summits with Southeast Asian and other regional partners. 

The official added it's hard to predict exactly when the announcement will come as the matter depends on the president.

Hong Nam-ki, chief of the Office for Government Policy Coordination under the prime minister, is tapped as favorite to succeed Kim.