Shadow Home Secretary Diane Abbott could replace Mark Carney as the governor of the Bank of England.
Mr Carney has announced he will step down in January 2020 after more than six years in the post.
Ms Abbott, who could be considering applying for the position, has a long history of public service and has been the Member of Parliament for Hackney North and Stoke Newington since 1987.
Recruitment firm Sapphire Partners will assist the government in filling the prestigious £480,000 per annum role which has been advertised on the public appointments website.
Interviews are expected to take place in the coming months before the government makes an appointment in the autumn.
In a statement, the chancellor Philip Hammond said “Finding a candidate with the right skills and experience to lead the Bank of England is vital for ensuring the continuing strength of our economy and for maintaining the UK’s position as a leading global financial centre.”
With the financial sector still trying to regain the trust of the public after recent high profile scandals, the Bank may be keen to distance itself from its ‘old boys club’ image.
While no one knows if Ms Abbott is considering applying for the position, her appointment would certainly give the City of London the shake up some say it needs.