Minister of Finance, Economic Planning and Development Goodall Gondwe could well be replaced by Education Minister Bright Msaka in a Cabinet reshuffle likely to be held after Parliament sitting.
Gondwe may be given charge of another ministry, say sources.
The government purse-keeper has been facing widespread criticism on the way some payments from Treasury are being made and continue plunder of public resources known as Cashgate.
It is also believed that President Peter Mutharika want a fresh face to push key reforms to kickstart the economy.
It is learnt that Mutharika plans to bring in new ministers in place of those who haven’t been performing up to expectations.
Msaka is said to be the blue-eyed boy of Mutharika and well positioned to be given the Treasury bag.
Government spokesman Nicholous Dausi said he could not comment on the speculations because appointment of cabinet members is a “prerogative” of the President.
He said these are the Constitutional powers endowed to Mutharika, as the President of Malawi.
Government spokesman stressed that Mutharika is empowered to appoint cabinet Ministers, and dismiss them as and when it is necessary for him, to do so.