Tony Abbott will nominate senior Liberal Bronwyn Bishop as Speaker and Mathias Cormann will be promoted to the finance portfolio in a frontbench shake-up to be announced by the prime minister elect.
Mr Abbott will on Monday unveil his new frontbench team expected to contain a number of changes from the one he led in opposition.
Fairfax is reporting that shadow assistant treasurer Mr Cormann will be named finance minister, with the man long touted for the portfolio, Arthur Sinodinos, overlooked for a cabinet position and appointed to the outer ministry.
Meanwhile, Mr Abbott will nominate Ms Bishop for the Speaker's job in the House of Representatives, freeing up a spot on his frontbench.
Mr Abbott told News Ltd newspapers while the final decision on the Speaker's position will be determined by the Liberal partyroom, Ms Bishop has his strong support.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"She is a person of high public standing and I want the parliament to be in better standing with the public this time, than last time," Mr Abbott said.
Victorian frontbencher Sophie Mirabella - who looks set to lose her Victorian seat of Indi - has already asked Mr Abbott not to consider her for the ministry as the vote count continues.
The coalition's ageing and mental health spokeswoman Concetta Fierravanti-Wells is also tipped to be dumped.
Deputy Liberal leader Julie Bishop is expected to the only woman in cabinet, when she is named foreign minister.
In a statement issued on Sunday night, Liberal National Party Senator Ian Macdonald said he had been dropped from the coalition frontbench.
"What should have been one of the proudest days of my life has turned into one of the worst," Senator Macdonald said.
"The ecstasy of a new government and success in the North has turned a little sad with a phone call from Tony Abbott saying he has no room for me in the new ministry."
Senator Macdonald served as shadow parliamentary secretary for northern and remote Australia, and as shadow parliamentary secretary for the defence force and defence support while in opposition.
While expressing his disappointment, he said he would continue to support Mr Abbott from the backbench.
