The other contender for the position was former Democratic U.S. Representative from Tennessee Harold Ford.

Chao, who ran the Labor Department under President George W. Bush, met with the incoming president at Trump Tower last week and discussed labor and transportation policy, Trump's transition team said then.

The formal announcement is expected at 1 p.m., one source said.

The wife of Senate Majority Leader Mitch McConnell (R-Ky.), Chao is the first Asian-American woman to hold a Cabinet-level position. She also served as deputy secretary of transportation under President George H.W. Bush. Chao was also a member of Trump's Asian Pacific American Advisory Council during the campaign.

So here is where we stand for now...