In advance of the public statement, online betting company Paddy Power are offering odds on who will take up the role.
At the moment, Frances Fitzgerald is the favourite on the site, with odds of 6/4.
Ms Fitzgerald has been Minister for Children and Youth Affairs since 2011 and represents the constituency of Dublin Mid-West.
She is also a former Fine Gael leader.
A close second to Minister Fitzgerald, with odds of 8/5, is Charlie Flanagan.
Charles "Charlie" Flanagan was first elected to the Dáil in 1987, succeeding his father, Oliver J. Flanagan. He is a Teachta Dála for the Laois-Offaly constituency.
Leo Varadkar is a little further behind both Fitzgerald and Flanagan in the rankings, with the betting guru offering odds of 23/10.
He has been Minister for Transport, Tourism and Sport since 2011.
Pascal Donohue and Alex White are both 20/1 while Tánaiste Eamon Gilmore is 25/1.
A variety of other Ministers have also been ranked, with odds on other candidates available upon request.