Finance Minister Michael McGrath looks increasingly likely to be named Ireland’s next European Commissioner tomorrow.

The three coalition leaders will discuss Ireland’s nomination this evening before asking Cabinet to sign off on the decision tomorrow morning.

As part of the coalition agreement, the Tánaiste Micheál Martin will choose the nominee.

It is widely believed that he will choose the Finance Minister for the €310,000 per year position.

It is understood that Minister McGrath would still be in a position to deliver the Budget later this year before taking office in Europe in November.

His appointment would lead to a Cabinet reshuffle for the remainder of the Government’s time in office, with Fianna Fáil’s new deputy leader Jack Chambers reportedly in the frame for a Ministerial position alongside junior minister Dara Calleary.

Micheál Martin arrives at the European Council in December 2022. Image: Consilium Europa

Speaking this morning, the Tánaiste refused to be drawn on the European Commissioner nomination – stating only that the candidate will be ‘high-calibre’.

“That’s the bottom line and should be the bottom line in respect of the various portfolios that will be allocated but also in terms of the broader agreements that are taking place at European level,” he said.

“I think that is a factor and obviously we will continue engagements with our own MEPs and obviously there will be discussions across the Parliament at a later stage.”

It is understood Ireland is eyeing up a trade or economy portfolio when the commissionerships are allocated.