Multiple outlets are reporting, but NBC News was the first saying Trump will name Rex Tillerson as his choice to lead the State Department:

BREAKING: Trump picks Exxon Mobil CEO Tillerson to be his Secretary of State – @NBCNews — CNBC Now (@CNBCnow) December 10, 2016

The speculation on this post has been brewing for weeks, and both John Bolton and Mitt Romney have been at the center of it. This would be a huge change.

More information will be made available as it comes in.

UPDATE: Although the Trump team has repeated that no final decision has been made, in an interview with Fox News that will air today, Trump gave a glowing review of Tillerson’s qualifications for the job:

“He’s more than a business executive; he’s a world-class player,’’ Mr. Trump told Fox News in the interview, to be broadcast Sunday. “He’s in charge of I guess the largest company in the world.” Mr. Trump called it “a great advantage” that Mr. Tillerson already knows “many of the players,” noting that he does “massive deals in Russia.”

Russia. Well what do you know.