Shabana Mahmood is reportedly now the clear frontrunner to become Andy Burnham's Chancellor, with Ed Miliband falling at the final hurdle.
Since Home Secretary Mahmood emerged as the favourite for the Chancellor role, the pound has risen to a two-month high against the dollar.
The Times reports allies of Burnham are firm in their belief that she is now the frontrunner and that they have succeeded in stopping Ed Miliband from becoming Chancellor.
While Miliband is a long-term ally of Burnham's, the incoming Prime Minister's supporters had voiced concerns over Miliband potentially becoming Chancellor, describing him as a "divisive" figure with significant "baggage".
It is now being suggested Miliband may be offered the role of Foreign Secretary.