WASHINGTON — President-elect Barack Obama is likely to name Tim Geithner, president of the New York Federal reserve, as Treasury Secretary in a time of intense economic turmoil as he rounds out the upper echelon of his Cabinet, an official close to the incoming chief executive said Friday.

New York Sen. Hillary Rodham Clinton, in line to become Secretary of State, said through a spokesman that discussions were "very much on track" for that appointment but no final arrangement had been made.

Obama also has selected Eric Holder, a top Justice Department aide in the Clinton administration, as his attorney general.

If nominated and confirmed by the Senate, Geithner, 47, would assume chief responsibility for tackling an economic slowdown and a credit crunch that threaten to create the deepest recession in more than a generation. The president of the New York federal reserve, he has played a key role in the government's response to the financial crisis and has worked closely with Treasury Secretary Henry Paulson.

Separately, officials said New Mexico Gov. Bill Richardson had emerged as a likely pick as Commerce Secretary. Like Clinton, he was a rival of Obama's for the Democratic presidential nomination last winter. He dropped out after the early contests, though, and soon threw his support behind the eventual winner.

It was not clear when Obama intended to make a formal announcement of any of his picks. He has largely stayed out of public view since his election on Nov. 4, preferring to work quietly in a suite of offices in downtown Chicago.

While speculation has been rampant about numerous Cabinet-level appointments, there has been relatively little about Obama's choice as Defense Secretary. His aides encouraged speculation before the election that Robert Gates, who now holds the position, would remain in office for an interim period.

The officials who discussed Obama's plans Friday did so on condition of anonymity, saying they were not authorized to pre-empt any formal announcement.