U.S. President Barack Obama has selected a partner at the investment firm of Goldman Sachs in Chicago to be the new U.S. ambassador to Canada, CBC News has learned.

Sources tell CBC News Network's Power & Politics that Bruce Heyman has accepted the job but still has to pass a vetting process in order to be be formally nominated. His confirmation will be up to the U.S. Congress.

If he is approved, Heyman would replace David Jacobson, who has held the position since 2009. Jacobson is also from Chicago.

Well known as a high-level fundraiser to Barack Obama, Heyman and his wife Vicki, also a fundraiser, raised more than $1 million for Obama and were on his national finance committee.

Heyman runs the private wealth fund at Goldman Sachs and his areas of responsibility include parts of Canada.

Sources tell CBC News that although Heyman is Obama's top choice he still has to pass a rigorous vetting process.

Another powerful Chicago fundraiser for Obama, Penny Pritzker, was reported to be Obama's pick for Commerce secretary four years ago but pulled out during the vetting process. Pritzker is now being mentioned again as Obama's likely nominee for Commerce.