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Updated from 3:20 p.m. EST

President-elect Barack Obama's Cabinet started rounding into shape Friday, as published reports said picks for two key posts have been made.

New York Sen. Hillary Rodham Clinton (D., N.Y.) had accepted the Secretary of State job, the

New York Times

reported, citing two confidants, while New York

Federal Reserve

President Tim Geithner is prepared to join the incoming administration as Treasury secretary, according to

NBC News


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Clinton spokesman Philippe Reines and other Clinton officials flatly denied reports that she had accepted the job offer. But officials in both camps said they have every reason to believe that President-elect Barack Obama will announce her as his choice shortly after Thanksgiving.

"They're just talking about the state of the world and what's next," a source in Clinton's camp told the

Associated Press

. The official spoke on condition of anonymity because neither Obama nor Clinton are prepared to go public.

Clinton was the frontrunner for the Democratic nomination for president, before Obama's upset victory in the Iowa caucus and Super Tuesday primaries.

Geithner worked in Treasury before, for three administrations beginning in 1988. He has endured some criticism for his role in the current financial crisis, including the decision to allow

Lehman Brothers

to file for bankruptcy in September.

Copyright 2008 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.